In This Article:
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EBITDA: EUR 29 million, a reduction of 41% year-on-year.
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EBITDA Margin: 14.5% for Q1 2025.
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Revenue: Decreased by 9% year-on-year but increased by 10% over the previous quarter.
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Net Debt: Reduced by EUR 3 million during Q1 2025.
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Return on Capital Employed (ROCE): 21% in Q1 2025.
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CapEx for Acetic Acid Project: EUR 25 million, with expected annual EBITDA of EUR 5 million.
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Dissolving Pulp Production: Expected to produce over 50,000 tonnes in 2025.
Release Date: May 23, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Global pulp demand increased by 4.8% in Q1 2025, driven by a 4.5% growth in hardwood pulp demand.
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The Celbi turbine resumed operations in late March, expected to improve efficiency and reduce costs.
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Altri completed the acquisition of Greenalia Forest and Logistics, enhancing raw material supply.
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Altri's ROCE remains strong at 21%, above its historical average and industry standards.
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Altri was recognized as an ESG top-rated company by Sustainalytics, highlighting its commitment to sustainability.
Negative Points
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EBITDA decreased by 41% year-on-year, with an EBITDA margin of 14.5%, due to lower pulp prices and energy instability.
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Revenues decreased by 9% year-on-year in Q1 2025, despite a 10% increase over the previous quarter.
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Dissolving pulp demand growth slowed to 1% from 6% in 2024, impacted by global trade uncertainties.
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The US commercial trade policies introduced economic uncertainty, particularly affecting China's pulp demand.
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Higher energy costs and instability due to the Celbi turbine stoppage impacted cash costs negatively in Q1 2025.
Q & A Highlights
Q: Can you provide an update on the Gamma Project and any potential alternative plans? A: The Gamma Project is progressing as expected, with a positive environmental impact declaration received in March. The project is complex and specific to its location in Galicia, and there are no alternative plans. We are exploring funding options and working on the next steps, including the environmental integrated license and electrical grid connection. Our strategic focus remains on growing in the dissolving pulp market.
Q: How has the market environment affected your operations, particularly in China? A: The first quarter saw positive demand and price increases, but the situation changed in April due to global tariff issues, particularly affecting China. Prices in China are near marginal cost, and while we expect some de-escalation, we remain cautious. European prices tend to follow China's trends, and we are monitoring the situation closely.