Altri with robust net income growth in the first nine months of 2024

The Altri Group’s total revenue reached approximately 669.7 million euros in the first nine months of the year, an increase of 11.4% compared to the first three quarters of 2023. This increase is attributed to a positive trend in Hardwood pulp prices, driven by a more favorable global demand during this period.

EBITDA reached 180.1 million euros, compared to 97.5 million euros in the same period of 2023, an increase of 84.6%, representing a margin of 26.9%, an improvement of 10.7 percentage points. In terms of net income, the Altri Group achieved 89.6 million euros in the period under review, a growth of 217.6% compared to the 28.2 million euros recorded in the same period last year.

Through its subsidiaries Biotek, Caima, and Celbi, the Altri Group produced 815.3 thousand tons during the first nine months, a 4.3% increase compared to the same period last year. Sales amounted to 827.7 thousand tons, an increase of 2.1%.

Investment during this period amounted to 24.5 million euros, compared to 51.6 million euros in the same period last year, which was marked by the investment in a new biomass boiler (including the new turbine) at Caima.

The Group’s net debt continued its downward trend, falling to 249.8 million euros at the end of September (compared to 356.7 million euros at the end of 2023), despite the distribution of a 51.3 million euro dividend during the second quarter.

The reduction of debt by 106.9 million euros by the end of the third quarter is explained by lower investment levels, but mainly by improved EBITDA and the ongoing strict management of working capital.

The current debt level, where 36% of the debt bears a fixed interest rate (including interest rate swap agreements), represents a Net Debt/EBITDA LTM ratio of 1.1x.

In terms of sustainability and the 2030 Commitment, the Altri Group achieved a rating of 11.9, placing it in 1st place within the Pulp & Paper sub-industry in Sustainalytics' 2024 ESG Risk Rating. This ranking is achieved among a global universe of 58 companies. In the broader segment of the Paper and Forest industry, Altri ranks 2nd among 76 companies.

In sustainability, the Altri Group was also awarded the Platinum Medal in EcoVadis' sustainability assessment, improving its score to 88 points from 78 points the previous year (out of a maximum of 100 points). This positions the Group in the Top 1% of companies rated by EcoVadis in the Pulp, Paper, and Cardboard Production sector. Notable improvements were made in the areas of Labor and Human Rights, with 90 points, Ethics, with 80 points, and Sustainable Procurement, with 80 points. In the Environment category, the Altri Group scored 90 out of 100 points.