Ence Reports €55 Million Loss in 2025 Amid Shift to Specialty Pulp

Ence posted losses of €55 million in 2025 as pulp prices averaged $1,086/t, down significantly from prior levels. The company now eyes brighter 2026 prospects with prices climbing to $1,250/t and leading producers targeting $1,330/t. Cash costs hit a low of €483/t since 2022, with further reductions of €30/t planned via efficiency plans. Ence agreed on 15% workforce cuts in pulp operations through collective redundancy. It advances its biomass-based renewable energy platform in the Iberian Peninsula, producing regulated electricity, industrial heat, biomethane, and fuels. Specialty pulp reached 30% of sales by year-end, up 7 points from 2024, adding €37/t margin over standard fibre; target exceeds 62% by 2028. A key step was starting the 125,000-tonne fluff pulp line at Navia biofactory in Q4 2025, making Ence Europe's sole eucalyptus-based producer for hygiene products. Cost efforts saved €70/t versus 2022. Efficiency Plan targets €22/t savings, Navia decarbonisation €8/t. Biomass electricity hit 1,240 GWh (+6% YoY), Q4 heat contracts signed three plus one starting; 25 biofertiliser/biomethane projects advance. Pulp output neared 950,000 tonnes, Q4 sales up 4% to 245,000 tonnes. Losses include €24 million redundancy provision; H2 biomass EBITDA €20 million (annualised €40 million). Net debt rose to €378 million from €321 million.