Ence Highlights at its General Shareholders' Meeting its Position as a Driver of Energy Autonomy

• Commitment to cost reduction: In 2025, €10 million in savings were achieved in the Pulp business. In 2026 and 2027, new initiatives will be launched that will generate an additional €15 million each year.

• Strategic push for higher-margin specialty pulps . They are expected to account for 62% of pulp sales by 2028.

• Growth in renewable products and diversification in renewable energy with the goal of tripling EBITDA by 2030.

Ence held its Annual General Meeting of Shareholders, at which all proposed resolutions on the agenda were approved. During his address, the company's chairman, Ignacio Colmenares, emphasized that the company is a driving force for energy independence, especially in an international context marked by increasing geostrategic tensions.

In this context, he stressed the importance of moving towards an energy model based on domestic and renewable resources that reduce dependence on imported fossil fuels, highlighting the key role of technologies such as biomass.

Cost reduction and specialty celluloses, levers of competitiveness

The company's strategic positioning is structured around its two business units: Pulp and Energy. Within the Pulp sector, Ence is focusing on two main areas: improving competitiveness through cost reduction and increasing the share of specialty pulps.

Regarding cost reduction, the company achieved a total of €10 million in savings in 2025. Furthermore, it will implement new initiatives in 2026 and 2027 that will generate additional savings of €15 million each year.

Ence is also progressing in its transformation into a manufacturer of specialty pulps, aiming to reach 62% market share by 2028. In this context, the commissioning of the first fluff pulp line at the Navia biofactory, with a capacity of 125,000 tons per year, is a key milestone. With this achievement, Ence becomes the only producer of this type of pulp made with eucalyptus fiber in Europe, as opposed to the more expensive long-fiber pulp.

The company is also continuing to work on the Pontevedra Avanza plan and the As Pontes project, which recently received a PERTE grant of 25 million euros.

Renewables: Triple EBITDA by 2030

In the renewable energy business, Ence continues to develop the largest diversified platform based on the transformation of biomass into the production of industrial heat, regulated electricity, biomethane and renewable fuels.

In 2025, through its subsidiary Magnon, the company secured three contracts to supply industrial heat using biomass to companies in the food sector, replacing facilities that previously used fossil fuels. Furthermore, in the area of ​​electricity generation, it valorizes nearly two million tons of forestry waste, providing manageable energy to the grid and contributing to the stability of the electrical system.

Regarding the renewable gas business, Ence produces biomethane that is injected directly into the natural gas network, replacing imported gas through the use of agricultural, livestock and forestry biomass.

This growth in renewable products and diversification in renewable energy will allow Ence to triple its operating profit by 2030.

Outlook for 2026

During the General Shareholders' Meeting, the president of Ence reviewed the main milestones of 2025, a year that ended with losses, and highlighted the company's commitment to returning to profitability.

Looking ahead to 2026, in Celulosa, the company's levers will revolve around cost reduction, increasing the weight of specialty celluloses and the favorable evolution of the price of cellulose, among other aspects.

In Renewable Energies, an increase in electricity generation is expected, as well as progress in industrial heat and biomethane. Furthermore, Ence is reinforcing its role in the development of renewable fuels, leveraging its capacity to generate more than four million tons of biogenic CO₂ per year, approximately 50% of the total produced in Spain.