building a more
renewable world
Conference Call
Main Highlights of 2025
Challenging 2025 for the global pulp sector, marked by excess supply and tariffs announcement from the USA. A late-year recovery in demand, could open room for a more favourable 2026. Supply could adjust as less efficient capacity is rationalised. On the demand side, clearer US tariff conditions and strengthening Asian demand are already supporting a positive price trend in early 2026.
Pulp Market
EBITDA reached € 94.1 M in 2025 (-57% YoY), implying a margin of 13.4% (vs 25.5% in
2024). This decrease is mainly attributed to lower pulp prices and devaluation of the USD. Cash-cost declined by the second consecutive year.
Focus on Cost Optimisation
Growth and Diversification
Strengthened its diversification strategy through two non-organic growth steps, acquiring:
i) a majority stake in AeoniQ (sustainable textile fibres); ii) Altri Forestal (forestry platform expansion in the north of Spain).
The acetic acid and furfural project at Caima should be concluded in the first half of 2026 while at Biotek, the full migration of BHKP production to DP until the end of 2026 continues underway.
2025 → Conference Call → 2
Market Highlights
Global pulp demand ended 2025 with healthier numbers but very different trends when looking at Hardwood vs Softwood. China and Asia were the main drivers, with Europe and North America slowing after a positive 2024
Global Pulp Demand by Type | 2025 | YoY | Hardwood Pulp Demand by Region | (2025) | YoY | |
Hardwood | 43,619 | 5.3% | North America | 3,687 | -0.4% | |
Softwood | 23,534 | -0.5% | Western Europe | 7,866 | -2.6% | |
Unbleached Sulphate | 2,506 | 5.4% | Eastern Europe | 1,711 | 7.2% | |
Sulphite | 86 | 25.4% | Latin America | 3,036 | 6.1% | |
Total | 69,746 | 3.3% | Japan | 1,048 | 3.0% | |
China | 18,809 | 6.9% | ||||
Rest of Asia/Africa | 7,269 | 14.3% | ||||
Oceania | 194 | -3.6% | ||||
Total | 43,619 | 5.3% | ||||
Source: PPPC (World Chemical Market Pulp Global 100 Report- December 2025 ). Values in 000' tons
2025 → Conference Call → 3
Market Highlights
A recovery in the last months of the year makes Dissolving pulp (DP) to end the year with positive numbers. The negative impact felt by the Asian textile value chain to the implementation of US tariffs was increasingly absorbed
Global Dissolving Pulp demand by region (2025) | YoY |
North America 413 | -25.5% |
Western Europe 578 | 1.5% |
Asia 6,668 | 3.2% |
China 5,045 | 9.6% |
Japan 144 | -1.8% |
Taiwan 22 | -36.4% |
Thailand 253 | -11.0% |
Rest of Asia 1,205 | -13.4% |
Other 24 | -54.6% |
Total 7,683 | 0.6% |
Source: Numera Analytica (Global DP Demand Report - December 2025). Values in 000' tons |
2025 → Conference Call → 4
Market Highlights
Inventories at European Ports remain near the historical average of 1.4M - 1.5M tons since the second half of 2024
Yearly Pulp Stocks at European Ports*
000' tons
2.0001.339
1.492
1.546
1.157
Monthly Pulp Stocks at European Ports*
000' tons
2.0001.389
1.404
1.509
1.480
1.478
1.575
2022 2023 2024 2025 Year
*Source: Europulp (Federation of the National Associations of Pulp Sellers in Europe) Monthly end-of-period stocks. Average for annual and quarterly values.
0Month
1Q25 2Q25 3Q25 Oct-25 Nov-25 Dec-25 Quarter/
2025 → Conference Call → 5
Market Highlights
Avg BHKP pulp prices (in Europe) in the 4Q25 were -2% in USD and
-9% in EUR vs 4Q24. On a quarterly basis, prices rebounded +4% in USD (+5%
in EUR). The PIX price index ended Dec. at US$ 1,100/ton (€934 /ton.)
Avg. PIX Prices (BHKP - Europe)*
US$/ton
1.400US$/ton
1.400 1.000-2%
1.000+4%
600* Source: FOEX.
1.0944Q24 4Q25 Quarter
6001.076
1.032
1.070
1.177
1Q25 2Q25 3Q25 4Q25 Quarter
2025 → Conference Call → 6
Market Highlights
Dissolving pulp (DP) prices, more correlated with the textile value chain, have been affected by the geopolitical situation since early 2025, having stabilized since the summer and signs of some recovery in early 2026.
Avg. Prices (Imported DWP Hardwood China - Net Price)*
US$/ton US$/ton
1.100 800-17%
1.100808
808
848
941
808
4Q24 4Q25 Quarter
* Source: CCCF Group.
5001Q25 2Q25 3Q25 4Q25 Quarter
2025 → Conference Call → 7
Operational Highlights
Production and sales volumes during 2025 broadly in line with 2024, despite lower demand environment in Europe. Some logistic constrains led to DP sales behind schedule but normalization is expected from 2T26 onwards
Production Sales
000' tons
1.600 DP BHKP000' tons
1.600 DP BHKP 1.200 800 1,076 +1% 1,087 1.200118 | 130 | |||
957 | 957 | |||
120
959
1,059105
954
400 0 2024 2025Year
400 0 2024 2025Year
2025 → Conference Call → 8
Operational Highlights
Tissue maintains weight near 50% sales. Middle East increases weight to compensate Europe. Exposure to the Middle East is mostly Turkey with exposure to the Persian Gulf accounting for 2% of sales
Sales Volume Breakdown 2025
by End Use
Sales Volume Breakdown 2025
by Region
* Sales we cannot identify the final use.
Tissue 48%
P&W 22%
Textile 10%
Décor 3%
Specialties 2%
Packaging 2%
Other* 13%
Europe 59%
Middle East & N.
Africa 29%
Asia 12%
2025 → Conference Call → 9
Financial Highlights
Lower pulp prices during 2025 and weaker US$ vs EUR have put pressure on revenues and profitability throughout the year. Prices and demand started to recover during the 4Q25
YoY
YoY
Total Revenues EBITDA
-11%
€M €M
250 200 150 100 50 6038
-35%
20 +114%
165
165
Quarter
12
Quarter
2025 → Conference Call → 10
186
Financial Highlights
On an accumulated basis, revenues and EBITDA have registered a decrease during the full year for the mentioned reasons, as the pulp market environment was more favorable during 2024
Total Revenues EBITDA
€M
1.000 800 600-18%
€M
250 200 150-57%
703
94
2024 2025 Year
855 2024 2025Year
2025 → Conference Call → 11
Financial Highlights
EBITDA margin was under pressure during 2025 given the evolution in prices and a weaker US$. In the last quarter of 2025, we have seen a recovery in margins as the pulp environment (and US$ fx rate) stabilizes and cost optimization materialize
YoY
EBITDA mg EBITDA mg
30% 30% 20% 10%-5.6 p.p.
+7.9 pp
20% 10%-12.1 pp
7,1%
15,0%
20,6%
Quarter 0%
13,4%
25,5%
2024 2025Year
2025 → Conference Call → 12
Financial Highlights
EBIT and Net Profit improved in the 4Q25, after reaching a quarterly low in the previous quarter, for the already mentioned reasons.
EBIT Net Profit
€M
€M
40 4030 30
0
13
24
0 -10
-2
9
18
Quarter Quarter
2025 → Conference Call → 13
Financial Highlights
Profitability decreased during 2025, as a consequence of a less favourable pulp pricing environment and exchange rate movements
EBIT
€M
200Net Profit
€M
200 158 160 160 120 80 40 0-69%
48
Year
120 80 40 0-80%
21
2025 → Conference Call → 14
Financial Highlights
Focus on cost optimisation delivers second consecutive year of cost reduction
Average prices were slightly lower in 2025 vs 2024, mainly due to a better sourcing mix (lower import needs).
Wood
The normalisation of the cogeneration turbine at Celbi, on late March 2025, led to an improved production level of electricity and higher efficiency at the Celbi plant. Overall, the contribution from the energy area was slightly better in 2025 when comparing with the previous year.
Electricity* & Natural Gas
Chemical prices have been slowly trending downwards since the end of 2022. Chemical costs during the 2025 were slightly lower than 2024.
Chemicals
* The Group mainly operates under a regulated framework regime, allowing it to sell electric energy at a regulated price per MW/h. That generates a positive energy balance between the electricity that is produced, energy consumed and natural gas costs.
2025 → Conference Call → 15
Financial Highlights
Net Debt decreased in the quarter due to an improvement in operational cash flow levels, as well as certain recurring cash flows related to the Group's operating activity, usually received in the last quarter of the year
Net Debt
€M
400 347-25 +9 +3 +1 -6
329 300 200Sep-25 EBITDA Investment Financials (Cash) Income Taxes (Cash) WC & Other Dec-25
2025 → Conference Call → 16
Financial Highlights
Net Debt increase in 2025 reflects the increase in investment linked to diversification projects (DP conversion at Biotek and Acetic Acid and Furfural), and the acquisitions of AeoniQ and Greenalia (Forest and Logistics)
Net Debt
€M
400 300 200-94
+48 +14
+40
+62
+45
214 329 100 0 Dec-24 EBITDA Investment Financials (Cash)Income Taxes (Cash) Dividends WC & Other Dec-25
2025 → Conference Call → 17
Financial Highlights
A challenging year for the Pulp industry placed Altri with a modest 6% ROCE level, below our double-digit historic average
2025
6% ROCE*
ROCE*
6% 23% 9% 19% 6% 16%16% AVG
18% 24% 25% 2025 2024 2023 2022 2021 2020 2019 2018 2017 0% 10% 20% 30%*Return On Capital Employed (EBIT LTM /(Shareholders Equity + Net Debt).
2025 → Conference Call → 18
ESG and Sustainability
Recognition from Environmental and Rating agencies
Ratings |
The Altri Group is part of CDP's 2025 A List, being recognised as a global leader in the disclosure of information related to climate change. CDP's A List means being among the top 4% of companies worldwide, within the only independent environmental reporting system. |
Issue of € 50 M Green Bonds |
The Altri Group secured financing of 50 million euros through the issuance of Green Bonds. The issue has a maturity of up to eight years and is intended to finance Biotek's conversion project from paper pulp to dissolving pulp. |
To mark the 30th anniversary of the Eco-Management and Audit Scheme (EMAS), the Portuguese Environment Agency (APA) acknowledged national organisations that stand out for the longevity of their certification and for sharing environmental best practices. Celbi received a Gold Certificate for a EMAS certification for 20 years, while Caima the Silver Certificate for its commitment over 15 years
Celbi and Caima recognised by APA
2025 → Conference Call → 19
New Projects (I)- Acetic Acid and Furfural in Caima
Sṭarṭ: 1H26
Target Mark➟ṭs Europe
cnd Indnsṭri➟s
Food
Medical
Industrial
Cosmetic
IRR*
>15%
* Unlevered
EBITDA*
€5M
* ~80% margin
2025 → Conference Call → 20
Capex*
€25M
* financed partially by
green subsidies
Revenues
€6-7M
* ~90% acetic acid |
~10% furfural
New Projects (II)- Biotek conversion into DP
Fnll Conv➟rsion
end 2026
Target Mark➟ṭs
Asia
cnd Indnsṭri➟s
Textile
Specialities
Price
(DP vs BHKP)
+41%*
* Avg 2019-2024
Production Capacity
>180k DP*
* Potential for >200k
Cash Cost (DP vs BHKP)
+10%-15%*
* at the factory
2025 → Conference Call → 21
Capex*
€60M
* Full project -excludes
amount covered by
subsidies (E)
New Projects (III) (AeoniQ @ 58.7% stake )
Capacity*
1.7k tons/y
* Industrial unit to develop
in Caima's plant (Portugal)
Revenues*
€20-25M (E)
* full year of production
Sṭarṭ: 2028
Target Mark➟ṭs Global
cnd fis➟s
Sustainable Textiles
(Apparel Tech, Home textiles, Footwear, Kitchen linen &Towels
2025 → Conference Call → 22
Perspectives (I)
1
Global market volatility and demand trends - the global pulp market was highly volatile in 2025. Early-year recovery was disrupted by US tariff announcements, which slowed global demand, especially in Asia/China.
Demand began recovering in late 2025 and early 2026, particularly in the Hardwood segment, with Dissolving pulp also showing early signs of rebound.
z
Price lows and subsequent recovery - BHKP prices in China and Europe hit yearly lows in 2Q25. More sustained price increases only appeared at the end of 2025 and early 2026 as Asian demand improved. Announced price increases in 1Q26 will only affect financial results from 2Q26 onwards due to a two-month lag.
3
Storm impact on operations in Portugal (1Q26) - Severe storms, especially Kristin, caused damage, production stoppages and logistical disruption across Altri's mills. The Port of Figueira da Foz, our main logistical infrastructure, was closed for weeks. Although operations normalised by March, 1Q26 results will be significantly impacted by higher logistics costs, lower production, higher energy use and reduced surplus energy generation.
ú
Short-term effects of the Iran geopolitical event - The immediate impact has been higher energy costs, partly mitigated by hedging. A prolonged event could indirectly raise costs in logistics, chemicals and wood through inflationary pressures.
2025 → Conference Call → 23
Perspectives (II)
Cost outlook for 2026 - the Group remains focused on cost optimisation. A slight increase in variable costs is expected in 2026, already reflecting storm impacts but excluding potential extended effects of the Iran situation.
5
6
Diversification projects: Biotek and Caima - Biotek's full conversion to DP remains on track for completion by end-2026. Qualification delays are expected to ease from 2Q26, improving visibility in financial results. Caima's renewable acetic acid and furfural recovery project should be completed in 1H26, enabling sales of a new higher-value product in the 2H26.
7
Project Gama (North of Spain) developments - the Group awaits the integrated environmental licence before taking a final investment decision. In 2025, the project received a favourable Environmental Impact Statement (DIA) issue by the Xunta of Galicia and has also earned the STEP label from the EU Climate Agency. Altri has strengthened ties with the region through forestry acquisitions and is now pursuing an alternative electrical connection to maintain its status as a Strategic Industrial Project.
8
AeoniQ pre-industrial unit at Caima
A pre-industrial unit will be installed at Caima to support the industrial scale-up of AeoniQ . It will soon enable higher production volumes and faster customer qualification within the sustainable textile fibre market.
2025 → Conference Call → 24
Conference Call
2025 → Conference Call → 25
2025
HigNligNṭs of 4Q25 Results
€ M | 4Q25 | 4Q24 | Var % | 3Q25 | 4Q25/3Q25 | |
Cellulosic Fibers | 121.2 | 149.5 | -18.9% | 127.9 | -5.2% | |
Others1 | 43.9 | 36.1 | 21.5% | 36.9 | 19.0% | |
Total Revenues | 165.1 | 185.6 | -11.1% | 164.7 | 0.2% | |
EBITDA | 24.8 | 38.3 | -35.1% | 11.6 | 113.7% | |
EBITDA mg | 15.0% | 20.6% | -5.6 pp | 7.1% | +7.9 pp | |
EBIT | 13.2 | 23.7 | -44.1% | 0.2 | n.m. | |
EBIT mg | 8.0% | 12.8% | -4.8 pp | 0.1% | +7.9 pp | |
Net Financials | -3.4 | -2.8 | -17.9% | -2.0 | -71.6% | |
Income Tax | -1.3 | -3.5 | 63.0% | -0.1 | n.m. | |
Net Profit2 | 9.0 | 17.6 | 48.9% | -1.7 | n.m. |
Others: includes essentially i) sale of biomass and Rendering of operations and maintenance services to Greenvolt's biomass plants in Portugal and ii) sale of electric energy related to the cellulosic fiber production process.
Attributable to the equity holders of the parent company Note: Variation of unrounded figures.
2025 → Conference Call → 26
HigNligNṭs of 2025 Results
€ M
2025
2024
Var %
Cellulosic Fibers
553.8
710.4
-22.0%
Other1
149.0
144.9
2.8%
Total Revenues
702.8
855.3
-17.8%
EBITDA
94.1
218.3
-56.9%
EBITDA mg
13.4%
25.5%
-12.1 pp
EBIT
48.4
157.7
-69.3%
EBIT mg
6.9%
18.4%
-11.5 pp
Net Financials
-24.1
-19.9
21.4%
Income Tax
-3.7
-31.3
88.0%
Net Profit2
21.4
107.2
-80.1%
Others: includes essentially i) sale of biomass and Rendering of operations and maintenance services to GreemVolt's biomass plants in Portugal and ii) sale of electric energy related to the cellulosic fiber production process.
Attributable to the equity holders of the parent company Note: Variation of unrounded figures.
2025 → Conference Call → 27
HigNligNṭs of 2025 Balance Sheet
€ M | 2025 | 2024 | Var % |
Fixed & Biological Assets | 465.6 | 438.7 | 6.1% |
Others | 394.9 | 355.7 | 11.0% |
Non-current Assets | 860.5 | 794.4 | 8.3% |
Inventories | 102.0 | 95.9 | 6.4% |
Trade Receivables | 107.6 | 117.6 | -8.5% |
Cash & Cash Equivalents | 209.4 | 280.3 | -25.3% |
Others | 65.0 | 34.1 | 90.6% |
Current Assets | 484.0 | 528.0 | -8.3% |
Total Assets | 1,344.4 | 1,322.4 | 1.7% |
Equity and Non-controlling Interests | 433.5 | 459.2 | -5.6% |
Bank Loans & Other Loans | 427.9 | 383.1 | 11.7% |
Lease Liabilities & Other | 148.9 | 139.3 | 6.9% |
Non-current Liabilities | 576.8 | 522.4 | 10.4% |
Bank Loans & Other Loans | 132.9 | 114.9 | 15.7% |
Trade Payables | 124.1 | 122.9 | 1.0% |
Lease Liabilities & Other | 77.1 | 103.1 | -25.2% |
Current Liabilities | 334.1 | 340.8 | -2.0% |
Liabilities & Equity | 1,344.4 | 1,322.4 | 1.7% |
2025 → Conference Call → 28
WNo w➟ ar➟
100%
100%
100%
100%
Snsṭaina4l➟ ï➟xṭil➟s
58.7%
2025 → Conference Call → 29
Raṭings ESG
as of December 2025
ESG Rating | Altri Score | Previous Score | Last Assessment | Peers |
Scale: 100 to 0 | 11.1 | 11.5 4Q25 | Industry - Paper & Forestry - 2nd in 71 Sub-industry - Paper & Pulp - 2nd in 55 | |
Scale: CCC to AAA | BBB | BBB | 1Q25 | Within the industry average |
Scale: D- to A | Climate: A Forest: A-Water: A | Climate: B Forest: A-Water: B | 4Q25 | Above the industry average |
Scale: Bronze to Platinum | Platinum | Platinum | 4Q25 | Top 1% Worldwide |
2025 → Conference Call → 30
2025 → Conference Call →