The Altri Group’s total revenue reached approximately Euro 669.7 million 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 Euro 180.1 million, compared to Euro 97.5 million 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 Euro 89.6 million in the period under review, a growth of 217.6% compared to the Euro 28.2 million 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 Euro 24.5 million, compared to Euro 51.6 million 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 Euro 249.8 million at the end of September (compared to Euro 356.7 million at the end of 2023), despite the distribution of a Euro 51.3 million dividend during the Q2.
The reduction of debt by Euro 106.9 million by the end of the Q3 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.
Altri is a leading Portuguese eucalyptus pulp producer and one of the most efficient European producers.
