In 2025, the Altri group recorded an 80.1% drop in profits compared to the previous year, to 21.4 million euros, and a 17.8% drop in revenues explained by the impact of tariffs and the devaluation of the dollar.
The group’s total revenues were 702.8 million euros, essentially affected by the impact of tariffs on pulp prices in international markets and the depreciation of the US currencyas revealed by the company in a statement.
Earnings before taxes, interest, depreciation and amortization (EBITDA) fell 56.9%, from 218.3 million to 94.1 million euros, corresponding to an EBITDA margin of 13.4%.
Total costs fell by 4.4% to 608.7 million euros, compared to 2024.
Total net investment was 48.4 million euros in 2025, which compares with 30 million euros in the previous year.
Net debt rose 54% to 329 million euros at the end of the year, due to increased investment in diversification projects and acquisitions.
Altri says that in the fourth quarter of last year there was “a slight recovery in fiber prices”, after the minimum level reached in the third quarter, allowing an improvement in the group’s profitability.
The press release highlights that the soluble fiber segment was affected, in the first half of 2025, “by the expected impact of new North American policies, namely on the import of textile goods from Asia to the USA”, causing a decrease in demand and price levels felt until the end of September last year.
“With the measures and tariffs to be applied by the US stabilizing, we begin to see some dynamism in demand in the last months of 2025 and early 2026, starring Asia and, in particular, China. This positive trend is particularly noticeable in the ‘Hardwood’ segment, to which the Altri Group is particularly exposed. The Dissolving Pulp segment, after a year marked by greater capacity in the market and volatility on the demand side, shows signs of a sustained recovery at the beginning of 2026”, indicates the statement.
However, global demand for pulp in 2025 recorded an increase of 3.3% compared to the same period last year, mainly due to exports in the ‘Hardwood’ segment to China (+6.9%), the rest of Asia/Africa (+14.3%) and Eastern Europe (+7.2%).
Western Europe, after double-digit growth in 2024, showed a reduction of around 2.6% in 2025.
Last year, Altri developed several diversification projects, which included the recovery and valorization of renewable-based acetic acid and furfural in Caima and the migration, still ongoing, of Biotek’s production to soluble fiber.
In 2025, the group acquired Greenalia Forest, one of the main companies in the Galician forestry sector, and Greenalia Logistics, also in Galicia, and also a majority stake in AeoniQ, in the area of sustainable textiles.
Altri also informs that the bad weather in Portugal affected the group’s industrial units, causing operational stoppages and logistics difficulties due to the closure of the port of Figueira da Foz.
“The restrictions felt during the weeks of inclement weather will have a significant impact on the 1Q26 results [primeiro trimestre de 2026] of the Altri Group, given the increased logistical costs, lower level of production, higher energy consumption (caused by instability in industrial units) and lower production of surplus energy, also associated with the definitive repair of the Celbi turbine”, he adds.
Leave a Reply