In the first nine months of 2025, the production volume of cellulosic fibres reached 810.7 thousand tonnes, broadly in line with the same period in 2024. Total fibre sales up to the end of September amounted to 805.5 thousand tonnes, 2.7% below the previous year and consistent with the volume of fibres produced.
Scheduled shutdowns at Biotek and Caima took place during the second quarter of 2025 as planned, with the most noticeable impact being the reduced output of dissolving pulp. The Group continues to pursue a policy of optimising finished goods stock, adjusting production levels to sales forecasts and taking into account planned shutdowns.
In terms of end use, the Tissue segment remains the main destination for the cellulosic fibres produced by the Altri Group, accounting for 47% of total fibre sales in the first nine months of 2025. With the increase in dissolving pulp (DP) production at Biotek, this segment is expected to continue growing as a share of total volumes sold, with Biotek currently focusing on qualifying DP across multiple clients. Regionally, Europe (including Portugal) accounts for 57% of sales, followed by the Middle East and North Africa with 29%, with Turkey the main destination in this geographic area.
“The stabilisation of US tariff policy, particularly regarding China, points to improved prospects for the coming quarters. Altri remains focused on delivering high levels of efficiency. Our year-to-date fibre production remained at 810 thousand tonnes, in line with the same period last year. The Group continues actively managing its stock levels, taking market conditions into account,” said José Soares de Pina, Altri’s CEO.
During the first nine months of the year, Altri Group’s total revenue reached approximately €537.8 million, a decrease of 19.7% compared with the same period last year. This decline stems from less favourable price developments for hardwood pulp, as well as lower volumes sold due to a more challenging global environment for the sector.
EBITDA totalled €69.3 million, 61.5% lower than in the same period of 2024, corresponding to an EBITDA margin of 12.9%. This decrease results from less favourable market conditions affecting prices, further exacerbated by the highly adverse evolution of the USD. Altri Group’s net profit for the first nine months of 2025 reached €12.4 million, an 86.2% decrease compared with the same period in 2024.
Despite being one of the most efficient fibre producers in Europe, the Altri Group delivered operational profitability below historical levels. This challenging context has prompted supply-side adjustments across the sector, helping to restore some balance between supply and demand. With a global increase in fibre demand already visible in the fourth quarter, there has been a slight recovery in fibre prices after the lows reached in the third quarter, allowing for an anticipated improvement in Altri’s profitability in the final quarter of the year.
The dissolving pulp (DP) segment was particularly affected in the first half of 2025 by uncertainty surrounding the impact of new US policies on imports of textile goods from Asia to the United States. This expectation led to a decline in global DP demand and prices in the first half of the year. The situation stabilised in the third quarter, with demand recovering and DP prices stabilising — a trend expected to continue into the fourth quarter of 2025.
Total net investment by the Altri Group in the first nine months of 2025 amounted to €39.2 million, compared with €24.5 million in the same period last year.