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ENCE: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results
Sales: € 219.6 M (+28.6% vs. +26.2% BS(e));
EBITDA: € 51.6 M (€ -1.8 M in 3Q'23 vs. € 50.8 M BS(e));
EBIT: € 26.1 M (€ -28.2 M in 3Q'23 vs. € 25.8 M BS(e));
Net Profit: € 14.3 M (€ -24.0 M in 3Q'23 vs. € 12.2 M BS(e));
9M'24 vs. 9M'23 Results
Sales: € 668.1 M (+6.1% vs. +5.5% BS(e));
EBITDA: € 152.5 M (+139.8% vs. +138.5% BS(e));
EBIT: € 71.1 M (€ -17.6 M in 9M'23 vs. € 70.8 M BS(e));
Net Profit: € 40.8 M (€ -28.2 M in 9M'23 vs. € 38.7 M BS(e));
Results came in slightly above expectations thanks to the better performance of the renewable division and clearly better in cash generation whereas despite the significant improvement of the pulp business vs. the 3Q’23 it is hit by the higher discounts (46% in 3Q’24 vs. 42% in 2Q’24), the (periodic) effect of the interruption of the Pontevedra plant and the cost overrun in the Navia plant (€ 2 M). Thus, 3Q’24 sales grew +28.6% (vs. +26.2% BS(e)), with pulp revenues (78% revenues) rising +35% (fully in line with expectations) and with volumes sold falling -4.1% (given the interruption of the Pontevedra factory and the increase in inventories) and average selling prices of € 678.7/t (+42.3% vs. 3Q’23 and -6.8% vs. 2Q’24) due to a higher discount on spot sales and lower sales of value-added products (mainly manufactured in Pontevedra). Renewable revenues (22% sales) grew +11.5% (vs. +2.3% BS(e)) thanks to better prices captured (€ 135.7/MWh vs. € 122.00/MWh BS(e)) and slightly higher production.