Conference Call
1Q26 → Conference Call → 1
1Q26
Main Highlights of 1Q26
After a challenging 2025 for the global pulp sector, we see a few positive dynamics in early 2026. Supply-demand seems more balanced, the tariffs announced by the USA seem more absorbed by value chains. Positive demand from China gave support to recent BHKP price increases while the competitiveness of DP is improving vs its competitive fossil based synthetic fibres
Pulp Market
EBITDA reached € 5.4 M in the 1Q26 (-82% YoY), implying a margin of 3.4% (vs 14.5% in the 1Q25). This decrease is mainly attributed to lower net pulp prices, the devaluation of the USD and higher costs with logistics and energy, related with severe storms occurred in Portugal during the quarter. With operations normalizing, a significant improvement in profitability is expected in 2Q26, driven by improvements in pricing and cost efficiency.
Storms impact First Quarter
Growth and Diversification
The acetic acid and furfural project at Caima should be concluded in June 2026 while at Biotek, the full
migration of BHKP production to DP until the end of 2026 continues underway.
The Group has also initiated investment in a pre-industrial filament unit aimed at scaling up the AeoniQ activity, enabling increased production levels and accelerating customer qualification processes in this new sustainable textile fiber market.
1Q26 → Conference Call → 2
Market Highlights
Global pulp demand had a slow start of the year, but some trends remain unchanged, with Hardwood gaining to Softwood and China outperforming the global market
Global Pulp Demand by Type | 1Q26 | YoY |
Hardwood | 10 243 | -2.4% |
Softwood | 5 924 | -6.1% |
Unbleached Sulphate | 641 | -6.8% |
Sulphite | 20 | 1.7% |
Total | 16 828 | -3.9% |
Hardwood Pulp Demand by Region (1Q26) | YoY | |
North America | 848 | 5.4% |
Western Europe | 1 931 | -3.2% |
Eastern Europe | 447 | 1.3% |
Latin America | 704 | 0.0% |
Japan | 234 | -6.4% |
China | 4 586 | 0.2% |
Rest of Asia/Africa | 1 444 | -13.6% |
Oceania | 49 | 8.3% |
Total | 10 243 | -2.4% |
Source: PPPC (World Chemical Market Pulp Global 100 Report- March 2026). Values in 000' tons
1Q26 → Conference Call → 3
Market Highlights
DP continues to recover from a challenging 2025, after the US tariffs effect was increasingly absorbed and DP becomes more competitive vs its fossil-based competitors of synthetic fibers. China remain the largest DP market.
Global Dissolving Pulp demand by region Jan-Feb 26 | YoY | |
North America | 74 | 1.8% |
Western Europe | 68 | -34.2% |
Asia | 1 022 | 4.6% |
China | 792 | 4.5% |
Japan | 14 | -24.8% |
Taiwan | 4 | -5.6% |
Thailand | 38 | -12.2% |
Rest of Asia | 174 | 13.5% |
Other | 3 | -29.1% |
Total | 1 167 | 0.8% |
Source: Numera Analytica (Global DP Demand Report - February 2026). Values in 000' tons
1Q26 → 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
21 339
1 492
1 546
1 157
Monthly Pulp Stocks at European Ports*
000' tons
21 293
1 287
1 434
1 484
1 480
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
2Q25 3Q25 4Q25 jan/26 fev/26 mar/26 Quarter/
1Q26 → Conference Call → 5
Market Highlights
Avg BHKP pulp prices (in Europe) in the 1Q26 increased by 13% in USD but only 1% in EUR vs 1Q25. On a quarterly basis, prices rebounded +12% in USD (+11% in EUR). The PIX price index ended March at US$ 1,286/ton (€1,112 /ton.)
Avg. PIX Prices (BHKP - Europe)*
US$/ton
1US$/ton
1 113% +12%
1 2041 032
1 076
1 177
* Source: FOEX.
1Q25 1Q26 Quarter
6002Q25 3Q25 4Q25 1Q26 Quarter
1Q26 → Conference Call → 6
1 070
Market Highlights
Dissolving pulp (DP) prices, more correlated with the textile value chain, were more affected by the macro uncertainty and potential impact of US tariffs in Asian countries. Recovery started in March ending the month at US$ 835/ton.
Avg. Prices (Imported DP Hardwood China - Net Price)*
US$/ton US$/ton
1 1 800-14%
848 | ||||||||
808 | 808 | 810 | ||||||
810
1Q25 1Q26 Quarter
* Source: CCF Group.
5002Q25 3Q25 4Q25 1Q26 Quarter
1Q26 → Conference Call → 7
Operational Highlights
Production volumes in 1Q26 decreased materially due to a programmed downtime at Celbi and to severe storms affecting all mills. Sales volumes were less affected given the Group's priority to maintain a regular supply to clients
Production Sales
000' tons
400 DP BHKP000' tons
400 DP BHKP 200267
230
38
-20% 215
200 285 -11%255
191
24
Quarter
218
36
243
42
1Q25 1Q26Year
1Q26 → Conference Call → 8
Operational Highlights
Tissue remains the most important end use segment, but decreased to 39% due to a temporary order delay. The sales weight sold for Textile end use, and Asia, will tend to increase with increasing DP volumes
Sales Volume Breakdown 1Q26
by End Use
Sales Volume Breakdown 1Q26
by Region
* Sales we cannot identify the final use.
Tissue 39%
P&W 25%
Textile 14%
Décor 3%
Specialties 4%
Packaging 1%
Other* 14%
Europe 61%
Middle East & N.
Africa 20%
Asia 19%
1Q26 → Conference Call → 9
Financial Highlights
Revenues decreased in the 1Q26 given lower net pulp prices and a weaker US$ vs EUR. Adding to punctual logistic and energy costs due to the severe storms, significantly impacting profitability
YoY
YoY
Total Revenues EBITDA
€M €M
250 200 150 100 40160
-21%
-3%
20 25-82%
-78%
5
29
Quarter
1Q25 4Q25 1Q26Quarter
1Q26 → Conference Call → 10
204
Financial Highlights
As a consequence of the reasons just mentioned, EBITDA margin was under pressure in the first quarter of 2026.
YoY
EBITDA mg
20%14,5%
15,0%
16,7%
-11.6 pp
10%-11,1 p.p.
3,4%
7,1%
Quarter
1Q26 → Conference Call → 11
Financial Highlights
Given the EBITDA low point, the Group reported Operating losses (EBIT) and a Net Loss in the 1Q26
EBIT Net Profit
€M
€M
30 3018
8
9
13
1Q26
-6
0 -10 1Q25 4Q251Q26
-7
Quarter Quarter
1Q26 → Conference Call → 12
Financial Highlights
Higher logistic and energy costs in the first quarter. Normalisation expected for the 2Q26
Average prices in 2026 continue in line with 2025's average. We may see
some inflation during the year because of the recent storms in Portugal,
Wood
limiting availability and requiring additional sources.
The severe storms occurred in Portugal affected all mills with several days of downtime and additional days with production restrictions. Energy production in the quarter was affected, to which added the programmed downtime at Celbi, and additional costs were supported by instability of the grid in that period. Energy prices, namely gas, have had some increases since the military intervention in Iran.
Electricity* & Natural Gas
Chemical prices remain broadly stable since 2024 but with a known correlation to energy prices. We have started to see some inflation pressure during the 2Q26.
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.
1Q26 → Conference Call → 13
Financial Highlights
Net Debt increased in the quarter as the investment level surpassed the operating cash flow in the period
Net Debt
€M
400 348-5 +15 +3 -2 +8
329 300 200 Dec-25 EBITDA Investment Financials (Cash) Income Taxes (Cash) WC & Other Mar-261Q26 → Conference Call → 14
Financial Highlights
A challenging cyclical period for the Pulp industry placed Altri with a modest ROCE level, below our double-digit historic average
ROCE*
3%
6%
23%
9%
25%
6%
19%
15% AVG
16%
18%
24%
1Q26 2025 2024 2023 2022 2021 2020 2019 2018 2017 0% 10% 20% 30%*Return On Capital Employed (EBIT LTM /(Shareholders Equity + Net Debt).
1Q26 → Conference Call → 15
ESG and Sustainability
Starting the framework to reach Net Zero
The Altri Group is in the process of implementing its transition to Net Zero, aligned with international best practices and long-term decarbonization strategy. In the 1Q26, the Group committed to the Science Based Targets initiative (SBTi) to achieve carbon neutrality by 2050, with a two-year timeframe to submit its targets.
Net Zero Altri
Altri Florestal and Eucaforest, a company of the Caisse de Dépôt et de Gestion, formalized a strategic partnership at the Salon International de l'Agriculture au Maroc (SIAM), aimed at strengthening technical and scientific cooperation in the forestry sector, as well as identifying additional sources of fiber.
Partnership with Eucaforest
The Altri Group has been awarded the Annual Sustainable Transport Certificate 2025 by the transport and logistics company Medway. This certificate aims to recognize companies that opt for rail transport, thereby contributing to the reduction of greenhouse gas emissions (tCO₂ eq).
Sustainable Transport Certification
1Q26 → Conference Call → 16
New Projects (I)- Acetic Acid and Furfural in Caima
Start: Jun 2026
Target Markets Europe
End Industries
Food
Medical
Industrial
Cosmetic
IRR*
>15%
* Unlevered
EBITDA*
€5M
* ~80% margin
1Q26 → Conference Call → 17
Capex*
€25M
* financed partially by
green subsidies
Revenues
€6-7M
* ~90% acetic acid |
~10% furfural
New Projects (II)- Biotek conversion into DP
Full Conversion
end 2026
Target Markets
Asia
End Industries
Textile &
Cellulosic
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
1Q26 → Conference Call → 18
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
Start: 2028
Target Markets Global
End Uses
Sustainable Textiles
(Apparel Tech, Home textiles, Footwear, Kitchen linen &Towels
1Q26 → Conference Call → 19
Project IRR*
>10%
Cash Costs
Goal to become a global benchmark
New Projects (IV)- Gama (DP+ Lyocell) in North Spain
Sustainable
Fossil fuel free
World's most sustainable cellulosic based textile fibre industrial unit
Certified sourced wood
Start: tbc
Target Markets Europe & Asia
End Industries
Textile
Specialities
1Q26 → Conference Call → 20
Capex*
€1,000M
* 250k/ton year of DP
and 60k of Lyocell
Perspectives (I)
1 | We entered 2026 with a more supportive demand environment, following a highly volatile 2025, with a clear recovery in demand from China in the hardwood segment-where Altri has significant exposure-as well as early signs of a sustained recovery in dissolving pulp. |
2 | This improvement in demand has been reflected in a positive pricing trend, particularly for BHKP in Europe, with five consecutive price increases between January and May. This impact is typically reflected in the accounts of the Group with a lag of around two months; DP prices have also shown a favorable evolution, especially from March onwards. |
3 | On the cost side, we expect a normalisation of the non-recurring impacts recorded in 1Q26, particularly in logistics and energy. We anticipate a meaningful recovery in profitability in 2Q26 versus 1Q26, supported by both improved pricing and a more efficient cost base. |
1Q26 → Conference Call → 21
Perspectives (II)
4 | In terms of strategic execution, we continue to progress with our diversification projects, with the conversion of Biotek to DP advancing as planned and expected to be completed by the end of 2026, with any customer qualification constraints expected to be gradually overcome during the year. |
5 | At Caima, the acetic acid and furfural valorisation project is expected to begin operation at the end of June and a gradual ramp-up towards near full capacity by year-end. In parallel, the Group continues to invest in AeoniQ , with the installation of a pre-industrial unit at Caima, which will support the acceleration of production scale-up and customer qualification processes in the sustainable textile fibres segment. |
1Q26 → Conference Call → 22
Conference Call
1Q26 → Conference Call → 23
1Q26
Highlights of 1Q26 Results
€ M | 1Q26 | 1Q25 | 1Q26/1Q25 | 4Q25 | 1Q26/4Q25 | |
Cellulosic Fibers | 126.5 | 166.6 | -24.1% | 121.2 | 4.3% | |
Others1 | 33.7 | 37.1 | -9.1% | 43.9 | -23.2% | |
Total Revenues | 160.2 | 203.6 | -21.3% | 165.1 | -3.0% | |
EBITDA | 5.4 | 29.4 | -81.6% | 24.8 | -78.2% | |
EBITDA mg | 3.4% | 14.5% | -11.1 pp | 15.0% | -11.6 pp | |
EBIT | -6.3 | 18.1 | -134.6% | 13.2 | n.m. | |
EBIT mg | -3.9% | 8.9% | -12.8 pp | 8.0% | -11.9 pp | |
Net Financials | -2.5 | -7.9 | 68.4% | -3.4 | 25.4% | |
Income Tax | 1.1 | -2.8 | n.m. | -1.3 | n.m. | |
Net Profit2 | -7.3 | 7.6 | -196.5% | 9.0 | -181.6% |
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.
1Q26 → Conference Call → 24
Highlights of 1Q26 Balance Sheet
€ M | 1Q26 | 2025 | Var % |
Fixed & Biological Assets | 469.4 | 465.6 | 0.8% |
Others | 393.6 | 394.9 | -0.3% |
Non-current Assets | 863.0 | 860.5 | 0.3% |
Inventories | 106.6 | 102.0 | 4.5% |
Trade Receivables | 108.8 | 107.6 | 1.1% |
Cash & Cash Equivalents | 175.9 | 209.4 | -16.0% |
Others | 77.7 | 65.0 | 19.5% |
Current Assets | 468.9 | 484.0 | -3.1% |
Total Assets | 1 331.9 | 1 344.4 | -0.9% |
Equity and Non-controlling Interests | 428.4 | 433.5 | -1.2% |
Bank Loans & Other Loans | 458.0 | 427.9 | 7.0% |
Lease Liabilities & Other | 146.7 | 148.9 | -1.5% |
Non-current Liabilities | 604.7 | 576.8 | 4.8% |
Bank Loans & Other Loans | 90.0 | 132.9 | -32.3% |
Trade Payables | 139.2 | 124.1 | 12.2% |
Lease Liabilities & Other | 69.7 | 77.1 | -9.6% |
Current Liabilities | 298.9 | 334.1 | -10.6% |
Liabilities & Equity | 1 331.9 | 1 344.4 | -0.9% |
1Q26 → Conference Call → 25
Who we are
1Q26 → Conference Call → 26
Ratings ESG
as of March 2026
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: 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 |
Scale: CCC to AAA | BBB | BBB | 1Q25 | Within the industry average |
1Q26 → Conference Call → 27
1Q26 → Conference Call → 28
1Q26
1Q26 → Conference Call →