Altri (ALTR) Q3 2025 earnings summary

Executive summary

• Global hardwood pulp demand increased, led by China and Asia, but price recovery was limited by new capacity and increased domestic raw material access in China.

• EBITDA for Q3 2025 was €11.6M, down 79% year over year, with a margin of 7.1%, mainly due to lower pulp prices and USD devaluation.

• Strategic projects include Biotek's conversion to dissolving pulp by end-2026, Caima's acetic acid and furfural project for 1H26, and the acquisition of a majority stake in AeoniQ™ for sustainable textile fibers.

• Net profit in Q3 2025 was €-1.7M, compared to €27.6M in Q3 2024.

• The group continues to invest in diversification and renewable-based chemicals.

Financial highlights

• Q3 2025 revenues were €164.7M, down 20% year over year; EBITDA was €11.6M, down 79% year over year; net profit was €-1.7M.

• 9M25 revenues were €537.7M, down 20% year over year; EBITDA was €69.3M, down 62%; net profit fell 86% to €12.4M.

• EBITDA margin stood at 7.1% for Q3 and 12.9% for the first nine months.

• EBIT margin for Q3 2025 was 0.1%; 9M25 EBIT margin was 6.5%.

• Net debt increased during the quarter, mainly due to CapEx and advance tax payments, reaching €346.5M at end-Q3.

Outlook and guidance

• Margins are expected to recover in a more normalized market environment, with moderate optimism for pulp price improvement as demand recovers, especially in Asia and China.

• Cash cost reduction is targeted for the full year 2025, with further efficiency gains expected in 2026.

• Strategic diversification projects, including Biotek's conversion and Caima's new product lines, are on track.

• Capital investment intensity will be lower in 2026, focused on completing Biotek and Caima projects.

• AeoniQ™ project in sustainable textiles advancing, with industrial unit construction underway.