Ence registers a profit of €9.5 million in the first quarter of 2024

Ence - Energy and Pulp recorded a profit of €9.5 million in the first quarter of 2024, thanks to the increase in pulp prices and a greater volume of renewable generation, which adds to the significant reduction of costs achieved during the last financial year. In this way, the company reinforces the upward trend in profits that already began in the last quarter of 2023.

The strong growth in pulp demand continued to drive the recovery of its price in Europe, reaching $1,300 gross per ton at the end of the first quarter. In addition, the main producers have announced additional increases in the price of pulp in Europe, up to $1,380, in line with the maximums reached at the end of 2022.

The Group's consolidated operating result (Ebitda) reached €45 million in the quarter, 78% more than the previous quarter.

In the Pulp business, Ence continues to promote the sale of its special pulps and has launched a project at its biofactory in Navia (Asturias) to diversify its production towards fluff pulp, for absorbent hygienic products, whose start-up is scheduled for the end of 2025.

In addition, the company continues to advance in the engineering and processing of the As Pontes project, for the production of recycled and bleached fiber based on recovered paper and cardboard (also including a pilot project for the production of recovered textile fiber), without increase wood consumption. A project that will be located on industrial land (that of the old thermal power plant), will be self-sufficient in renewable energy and will have minimal water consumption, in line with Ence's commitment to minimizing natural resources.

In the Renewable business, the Group continues to advance in the diversification of its activities, mainly towards the sale of renewable thermal energy and biomethane, taking advantage of its leadership position in biomass management in the national market.

Ence Biogas has developed a portfolio of 20 biomethane projects that already have the land secured and the feasibility study completed. 8 of these projects are in the engineering and environmental processing phase. They are expected to be ready to build in 2025 and operational from 2026. In addition to these 20 projects, Ence Biogás has a portfolio of another 15 additional projects, in an earlier phase of development.

Magnon Servicios Energético signed its first service contract in 2023. It is in the final phase of negotiation on 5 contracts with important industrial companies in Spain and is moving forward with 15 other companies to replace their thermal energy of fossil origin with renewable thermal energy.

Ence continues to be the leading company in sustainability in the pulp sector worldwide for the third consecutive year, according to the latest Sustainalytics rating.
The company has approved the update of its Sustainability Master Plan for the period 2024-2028, which includes a new decarbonization plan that will allow the Group's scope 1 and 2 emissions to be reduced by 70% in 2035.