Altri: Revenue Down 21.3% in Q1, EBITDA Falls 81.6% in Q1
Altri released its first quarter 2026 results on Tuesday, marked by a significant contraction in revenue and profitability. The Portuguese cellulose pulp group is seeing its activity penalized by extreme weather conditions and a challenging market environment, but is counting on a significant improvement in the second quarter.
Revenue Down 21%, EBITDA Margin Collapses
During the quarter, the group recorded revenue of €160.2 million, down 21.3% compared to the same period in 2025 (€203.6 million). This decline is explained by two factors: the reduction in sales volumes due to logistical and production disruptions, and the deterioration of net wood pulp prices in euros. EBITDA plummeted to €5.4 million in Q1 2026, from €29.4 million a year earlier, a decrease of 81.6%. The EBITDA margin contracted to 3.4% from 14.5% in Q1 2025, a decline of 11.1 percentage points. This degradation reflects not only the less favorable market environment but also the non-recurring costs related to the storms that affected Portuguese operations at the end of January and February 2026. The group's net result stands at -€7.3 million in Q1 2026, compared to a profit of €7.6 million in Q1 2025.
Storms and Logistical Disruptions Weigh on Production
Total pulp production reached 214.6 thousand tonnes in the first quarter, down 19.8% year-on-year and 22.3% compared to Q4 2025. Dissolving pulp (DP) production dropped by 36.4% year-on-year, while paper pulp (BHKP) decreased by 17.0%. These reductions are directly attributable to scheduled shutdowns at Celbi and disruptions caused by the storms at the end of January and February, including storm Kristin with wind speeds exceeding 200 km/h. The group recorded shutdown days and days of constrained production in its three industrial units, combined with increased logistics and energy costs. In contrast, pulp sales reached 254.6 thousand tonnes, down 10.6% year-on-year but almost stable compared to the previous quarter (+0.2%).
Anticipated Recovery in Q2 and Ongoing Strategic Diversification
The group is counting on a significant improvement in profitability in the second quarter of 2026, supported by the normalization of operations and improvement in prices. The February storms were largely resolved by the end of March and early April, although some railway constraints remain. Exceptional costs related to logistical and energy disruptions are expected to normalize. Strategically, the project for recovery and valorization of acetic acid and furfural at Caima is nearing completion, with a start scheduled for the end of June 2026. The complete conversion of paper pulp production to dissolving pulp at Biotek continues on track, with completion expected by the end of 2026. The group has also launched a pre-industrial filament unit to accelerate AeoniQ activity in the emerging market of sustainable textile fibers.
