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ENCE Energía y Celulosa S.A./€ENC

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About ENCE Energía y Celulosa S.A.

Ence Energía y Celulosa, S.A., founded in 1957 and headquartered in Madrid, Spain, specializes in the production of eucalyptus hardwood pulp and renewable energy. The company operates pulp mills in Pontevedra and Navia, manufacturing bleached eucalyptus kraft pulp, and manages over 66,000 hectares of timberland in Spain. Through its subsidiary, Magnon Green Energy, Ence generates renewable energy from forestry and agricultural biomass, with power plants located in Huelva, Mérida, Ciudad Real, Jaén, and Lucena. In recent years, Ence has diversified into producing specialty pulps, such as fluff pulp for hygiene products, and has expanded into biogas and biofertilizer production. The company's strategic focus on sustainability and the circular economy underpins its operations and growth initiatives. (,,)
Ticker
€ENC
Sector
Materials
Primary listing
BME
Employees
1,311
Headquarters
Madrid, Spain
Website
ence.es

ENC Metrics

BasicAdvanced
€536M
-
-€0.17
-
-

What the Analysts think about ENC

Analyst ratings (Buy, Hold, Sell) for ENCE Energía y Celulosa S.A. stock.
Analyst projections of the future price of ENCE Energía y Celulosa S.A. stock.

Bulls say / Bears say

The pulp cycle has turned in Ence’s favour: Q2 pulp EBITDA recovered to €22.7 million and cash costs fell to €455 per tonne, helping the group return to a small attributable profit. Further gains depend on prices holding up, but the improved spread supports earnings. (Fordaq, Ence)
Speciality pulp is becoming a larger, higher-margin part of the mix: it represented 34% of first-half sales and generated an average €36 per tonne more margin than standard pulp. Ence has inaugurated its eucalyptus fluff line, although customer qualification is still under way. (Ence)
Magnon’s industrial heat business is gaining commercial traction, with a new Transa contract and five projects expected to be in its portfolio by the end of 2026. The company estimates these projects will deliver about 230 GWh of thermal energy at steady state. (Ence)
First-half performance remained weak despite the Q2 rebound: Ence reported a €17.1 million attributable loss, with revenue down 6.4% and EBITDA down 51% year on year. Pulp production also fell 6.4%, so the recovery has not yet repaired the year-to-date shortfall. (Expansión)
Cash generation and leverage are concerns: free cash flow was negative €105.2 million in the first half, while net debt reached €492.7 million, 30.3% higher year on year. That leaves less room to absorb another downturn or fund planned investment without further borrowing. (Fordaq)
The biomethane opportunity remains dependent on permits and construction, rather than being operating capacity today. Even the Zamora project that received a favourable environmental declaration still needs further authorisations before it can be built, while the wider pipeline comprises 41 proposed projects. (El Economista)
Data summarised monthly by Lightyear AI. Last updated on 19 Oct 2026.

ENC Financial Performance

Revenues and expenses
Income statement
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
Net income
Profit margin

ENC Earnings Performance

Company profitability
Earnings per share
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
Expected
Surprise

Funds containing ENC

AllUSDEURGBP
Funds
Fund name
Fund size
€ENC weighting
Xtrackers MSCI Europe Small Cap£XXSC
$3.6B0.02%
Xtrackers MSCI Europe Small Cap€DX2J
$3.6B0.02%
SPDR MSCI All Country World IM€SPYI
$7.7B0.00%
Vanguard FTSE Global All-cap$VALU
$199M0.00%
Vanguard FTSE Global All-cap€VGLA
€171M0.00%
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.