Ence returns to profit in Q2 on pulp price recovery and lower costs

Ence reported a net profit of Euro 0.5 million in the Q2 2026, returning to profitability driven by the recovery in pulp prices from previously recorded lows and by lower costs resulting from the implementation of its Efficiency and Competitiveness Plan.

Consolidated EBITDA for the Q2 2026 amounted to Euro 27 million, up 16% from the same period in 2025, when the result included Euro 10 million from Energy Saving Certificates.

In the Pulp business, cash cost (production cost) fell to Euro 455 per tonne in the Q2 2026, Euro 67 per tonne lower than in the previous quarter. The company continued its progress as a producer of speciality pulps that substitute long-fibre pulp, including a new fluff pulp production line for the hygiene and incontinence products market, which is currently undergoing customer qualification.

Speciality pulps, which generate an average additional margin of Euro 36 per tonne compared with standard pulp, accounted for 34% of sales in 2026, up from 30% in 2025. The company's objective is for this figure to exceed 62% by 2028.

The renewable industrial heat business continued to accelerate growth during the Q2, with a new project comprising two boilers entering into operation. The company expects to end 2026 with five projects in operation, compared with one at the end of 2025.

In addition, Moeve selected Magnon Servicios Energéticos, Ence's subsidiary, as its partner to develop a thermal energy plant at its Huelva refinery, with the two companies currently in the final stage of contractual negotiations. The project is expected to generate more than 350 GWhth of thermal energy and has been designated a Strategic Project by the Regional Government of Andalusia.

In biomethane, the company has built a portfolio of 41 projects with a potential production capacity of up to 4 TWh, compared with its target of 1 TWh by 2030. Of these, 28 projects are currently in the engineering and permitting phase. The company expects to obtain its first Integrated Environmental Authorisation during the second half of 2026.