Full Year 2025 Altri SGPS SA Earnings Call Transcript
Key Points
- Altri SGPS SA reported a gradual recovery in market fundamentals towards the end of 2025, with improved demand and pricing conditions expected to continue into 2026.
- The company successfully executed cost optimization strategies, resulting in a second consecutive year of cash cost reduction.
- Altri SGPS SA advanced its growth and diversification strategy by acquiring a majority stake in AeoniQ and strengthening its forestry platform in northern Spain.
- The company maintained a strong focus on sustainability, earning recognition from several environmental and rating institutions, including being included in TDP's 2025 A-list.
- Altri SGPS SA issued EUR50 million in green bonds to finance strategic projects, demonstrating its commitment to sustainable growth and diversification.
- EBITDA for 2025 was down 57% year on year, reflecting a challenging pricing environment and adverse foreign exchange dynamics.
- The company's net debt increased in 2025 due to lower EBITDA and higher investment levels related to diversification projects.
- Severe storms in early 2026 caused production stoppages and logistical disruptions, impacting first-quarter results.
- Geopolitical tensions in the Persian Gulf region have led to increased energy costs, which could raise costs across logistics, chemicals, and wood.
- The company's return on capital employed (ROCE) for 2025 was a modest 6%, below its historical average of 16%.
Thank you for joining Altri's 2025 results conference call. We will review our financial performance, market conditions, operational highlights and outlook, followed by Q&A at the end. To address these topics, we have with us the CEO of Altri, Mr. Soares de Pina; and Mr. Miguel Silva, the Group's CFO.
I will now pass the floor to Mr. Soares de Pina.
Good morning. Thank you, Rui, and thank you all for attending Altri's conference call. We're always pleased to host this call with investors and analysts to share Altri's results and our views about the market environment and challenge.
We turn to slide number 2. We start with the main highlights of 2025 and some considerations. 2025 was a challenging year for the global pulp sector. Market conditions were marked by excess supply alongside increased uncertainty following tariff announcements from the United
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