Ence Posts More Than €10 Million in Third-Quarter Profit as Pulp Prices and Cost Cuts Support Recovery

Spanish pulp and renewable energy company Ence recorded net profit attributable to shareholders of more than €10 million in the third quarter of 2026, marking its second consecutive profitable quarter, supported by higher pulp prices, cost-reduction measures and contributions from energy savings certificates.

Consolidated EBITDA reached €46 million between July and September, nearly 70% higher than in the second quarter, according to the company.

The average gross reference price for short-fiber pulp (BHKP) rose to €1,195 per tonne in the third quarter, up 35% from the same period in 2025. Major producers have announced price increases since the end of September, with the company expecting the favorable market environment to continue in the coming months, supported by inventory levels and rising timber prices in China.

Specialty cellulose and cost reductions

Specialty cellulose products that substitute for long-fiber pulp accounted for 32% of Ence’s cellulose sales volume during the first nine months of 2026. The company aims to increase this share to more than 62% by 2028.

Pulp production cash costs stood at €463 per tonne in the third quarter and €476 per tonne for the year to date, representing an €8-per-tonne reduction compared with the corresponding period of 2025.

Ence’s Efficiency and Competitiveness Plan had delivered or was implementing annualized savings of €14.7 million as of September, against its 2026 target of €15 million. The company also reported €17 million from the sale of energy savings certificates during the third quarter.

Renewable energy earnings increase

Ence’s renewable energy business nearly tripled its EBITDA compared with the previous quarter, reaching €12.7 million in the third quarter. The figure was 51% higher than in the same period of 2025.

Biomass power generation reached 311 GWh, in line with third-quarter 2025 production and 22% above the second quarter of 2026, when maintenance shutdowns were concentrated.

In renewable industrial heat, two projects began industrial-scale production during the third quarter, with two additional projects expected to start operating in the fourth quarter. Ence expects to end 2026 with five operational projects.

The company’s biofertilizer and biomethane portfolio comprises 41 projects, including 28 in engineering and administrative permitting. Ence expects to obtain its first Integrated Environmental Authorization in the fourth quarter of 2026. During the third quarter, it received a favorable environmental impact statement, a preliminary step toward securing the authorization.