Altri: net profit down 60% in first half, hit by storms
The Portuguese cellulose pulp producer published half-yearly accounts marked by the impact of storms that affected Portugal in early 2026.
The first quarter, affected by these weather events, weighed on the entire half-year, but the second quarter showed an operational recovery supported by rising pulp prices.
Revenue slightly down, EBITDA and net profit in sharp decline
In the first half of 2026, Altri's total revenue reached €364.7 million, down 2.2% compared to €373.0 million in the first half of 2025. The cellulosic fibers segment declined by 4.1%, to €292.1 million, while other activities grew by 6.4%, to €72.7 million.
EBITDA stood at €35.5 million, down 38.5% year-on-year, corresponding to an EBITDA margin of 9.7%, compared to 15.5% in the first half of 2025, a decline of 5.8 percentage points. EBIT reached €12.2 million, compared to €35.0 million a year earlier.
Net profit attributable to shareholders amounted to €5.6 million, down 60.3% compared to €14.0 million in the first half of 2025. The group attributes this performance to the impacts of early-year storms, partially offset by the second quarter operational recovery.
Volumes up and prices rising in second quarter
Pulp production volume reached 496.5 thousand tonnes over the half-year, down 7.3% year-on-year, with weather events causing logistical disruptions, additional costs and lower energy production. At the same time, total sales increased by 2.1%, to 545.4 thousand tonnes, exceeding the volume produced during the period.
Dissolving pulp sales increased by 26.6%, to 83.9 thousand tonnes, driven by the ongoing conversion of the Biotek unit to dissolving pulp for the textile sector. Over the quarter, the average PIX index price for BHKP pulp in Europe rose 16% in dollar terms year-on-year, reaching $1,366 per tonne on average, and ending June at $1,409 per tonne.
Net debt reached €397.9 million at the end of June 2026, compared to €329.0 million at the end of December 2025, a change linked to dividend distribution of €51.3 million and increased investments. This level equates to a net debt to twelve-month EBITDA ratio of 5.5 times.
Two diversification projects expected to be completed by year-end
The group indicates that two projects are to be finalized in 2026. The complete conversion of papermaking pulp production to dissolving pulp at Biotek continues, with accelerated ramp-up in the second quarter and the start of sales to new customers.
The Caima acetic acid and furfural recovery and valorization project is in its start-up phase, with sales expected from the third quarter and full ramp-up by the end of 2026. A pre-industrial unit for scaling up the AeoniQ filament will begin production in the last quarter of 2026.
The group indicates that the price of BHKP pulp in Europe ended June at $1,409 per tonne, compared to $1,100 per tonne at the end of 2025, and that dissolving pulp prices stood in July around $898 per tonne, compared to $795 per tonne at the end of 2025.
