Ence Energia Y Celulosa Sa · BME:ENC
Ence Energia Y Celulosa Sa — Q3 2026 Earnings Presentation
27 slides from Ence Energia Y Celulosa Sa's earnings presentation, October 2026
Slide 1: Results presentation 3Q2026
Results presentation 3Q2026 Global ESG score: 93/100
Slide 2: Legal disclaimer
Legal disclaimer The information contained in this presentation has been prepared by Ence Energía y Celulosa, S.A. (hereinafter, "Ence"). This presentation includes data relating to future forecasts. Any data included in this presentation which differ from other data based on historical information,
Slide 3: Today's presenters
Today’s presenters Ignacio de Colmenares Alfredo Avello Chairman & CEO Chief Financial Officer Ence Energía y Celulosa Ence Energía y Celulosa 3
Slide 4: Results Summary
Results Summary 2026 Outlook 3Q26 Operating Highlights 3Q26 Financial Results Strategic goals Pulp: ▪ Consolidated EBITDA of €46m, compared Pulp: Pulp: to €13m in 3Q25 and €27m in 2Q26. By ▪ 2028 Ence’s Special Pulp Centered Business ▪ Sound price evolution despite the slowdown of the activity in su
Slide 5: 3Q26 Highlights and strategic goals progress
3Q26 Highlights and strategic goals progress 5
Slide 6: Firm progress of the Efficiency & Competitiveness Plan
Firm progress of the Efficiency & Competitiveness Plan Consolidated savings by 9M26 have an annualized impact of 14,7 M€ against a full-year target of 15M€ and despite the current inflationary environment Quarterly focus – Cash cost evolution (€/tn) Long term view – Cash cost evolution (€/tn) (1) 55
Slide 7: Sound price levels to remain
Sound price levels to remain BHKP prices supported by lean inventories and woodchip pricing pressures in China. BSKP to BHKP price gap expected to widen following BSKP major capacity restructuring Gross Pulp prices in Europe (USD/tn) 2.500 2.500 2.000 2.000 1.500 1.500 1.000 1.000 500 500 0 0 Feb-27
Slide 8: Special pulp substituting BSKP continues to gain share in our mix
Special pulp substituting BSKP continues to gain share in our mix With the price spread between BSKP and BHKP at its lowest levels, Ence’s special pulp substituting BSKP continues to grow year to date (+4% YoY | +9k Tn) Ence’s special pulp Expected % of pulp sales volumes in 2028 Ence Advanced Fluff
Slide 9: Repositioning in the global cash cost curve
Repositioning in the global cash cost curve In 2028, more than 62% of Ence’s sales will come from BSKP substitute products, with Ence as a top competitive player in the BSKP segment Global cash cost curve (USD/tn) USD/t 900 Int. West Canada 791$/t 800 Other World BSKP BHKP 634$/t Finland US Sweden 6
Slide 10: Progressive steps in our renewable industrial heating platform
Progressive steps in our renewable industrial heating platform Target: 2TWh thermal energy supply by 2030 and c.€30m contribution to EBITDA Pipeline expected deployment Renewable Thermal Energy business Project Pipeline (Operating plants) Integrated renewable thermal energy solutions from 11 project
Slide 11: Sizeable biomethane platform with a distinctive business model
Sizeable biomethane platform with a distinctive business model Target: c.1 TWh of biomethane production out of a 4TWh pipeline and c.€60m contribution to EBITDA by 2030 Pipeline expected deployment Biomethane business Project Pipeline (Operating plants) Biomethane production from the valorisation of
Slide 12: Highly mature biomethane pipeline with projects in Advanced Stage
Highly mature biomethane pipeline with 28 projects in Advanced Stage Operational Advanced Stage Early Stage Total Preliminary site analysis Documentation submitted to Documentation submitted to Preliminary discussions with Definition In operations the Public Administration 2 the Public Administratio
Slide 13: 3Q26 Financial Results
3Q26 Financial Results
Slide 14: 3Q26 P&L Review
3Q26 P&L Review Consolidated net profit reaches €10m, reflecting improved prices in both businesses, normalization of the operations in biomass to electricity and income from Energy Saving Certificates Group Revenues (€m) Group EBITDA (€m) Attributable Net Income (€m) (1) 216 46 (1) (1) 181 10 69 13
Slide 15: 3Q26 Cash Flow evolution
3Q26 Cash Flow evolution Positive free cash flow on the back of an improved EBITDA, the progressive reduction of capex and working capital management Cash Flow Bridge (€m) 16 46 35 (7) (4) (0) (23) 10 (17) Maintenance Net Tax payments WC variation Financial Capex investments, EBITDA Net interest FCF
Slide 16: Net Debt position as of Sept.'26
Net Debt position as of Sept.’26 Strong liquidity, long term maturities and no covenants in the Pulp Business Pulp business net debt as of Sept. 30, 2026 (€m)(1) Pulp business maturity schedule (€m) €221m of bilateral loans €130m RCF – Fully available MARF Bonds €85m 489 (2) Lease contracts €22m of
Slide 17: ENCE: leadership in sustainability
ENCE: leadership in sustainability Safe and Bioproducts & ecosystem Eco-efficient operations services Responsible supply chain Positive social impact To become preferred supplier To grant business sustainability To reduce operational costs To strenghthen top-line Protecting Health and Safety Special
Slide 18: 3Q26 Outlook and Closing Remarks
3Q26 Outlook and Closing Remarks 18
Slide 19: Closing Remarks and 2026 Outlook
Closing Remarks and 2026 Outlook Focus on execution. Efficiency and competitiveness plan progresses firmly, deleveraging phase has been initiated, and our mid-term strategic goals remain on track Price momentum of BHKP should remain in parallel to the progressive recovery of the BHKP to BSKP price g
Slide 20: Appendix
Appendix 20
Slide 21: Group Financial Review - P&L
Group Financial Review P&L 9M26 9M25 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Total revenue 417,5 156,2 (2,9) 570,7 413,1 148,9 (1,9) 560,1 Foreign exchange hedging operations results (2,0) (10,7) - (12,7) 4,8 2,0 - 6,8 Other income 38,3 4,9 (1
Slide 22: Group Financial Review - Cash Flow Statement
Group Financial Review Cash Flow Statement 9M26 9M25 Figures in Mn€ Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Consolidated profit/(loss) for the period before tax (0,4) (13,8) 0,5 (13,8) (14,9) (19,8) 1,2 (33,5) Depreciation and amortisation 43,1 23,6 (0,5) 66
Slide 23: Group Financial Review - Balance Sheet
Group Financial Review Balance Sheet Sep-2026 Dec-2025 Figures in € m Pulp Renewables Adjustments Consolidated Pulp Renewables Adjustments Consolidated Intangible assets 22,2 55,3 (10,6) 66,9 20,9 56,3 (11,0) 66,2 Property, plant and equipment 672,2 372,9 (5,1) 1.040,0 648,2 371,0 (5,1) 1.014,0 Biol
Slide 24: Alternative performance measures
Alternative performance measures Ence presents its results in accordance with generally accepted accounting principles, specifically IFRS. In addition, its quarterly earnings report provides certain other complementary metrics that are not defined or specified in IFRS and are used by management to t
Slide 25: Alternative performance measures
Alternative performance measures NET FINANCE COST AND OTHER FINANCIAL ITEMS Net finance cost encompasses the various items of finance income and finance costs, while other financial items encompasses exchange differences, the change in the fair value of financial instruments and impairment losses on
Slide 26: Alternative performance measures
Alternative performance measures NORMALISED FREE CASH FLOW Normalised FCF is the sum of EBITDA, the change in working capital, maintenance capex, net interest payments and income tax payments. It provides a proxy for the cash generated by the Company's operating activities before collection of proce
Slide 27: Thank you
Thank you 27
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