Ence Energía y Celulosa, S.A. operates through two primary business segments: Pulp and Renewables. The Pulp segment, which accounts for approximately 75% of the company's revenue, focuses on the production and sale of bleached eucalyptus kraft pulp (BEKP) and advanced specialty pulps used in tissue, packaging, and decor paper. The company operates two major biofactories in Navia and Pontevedra, making it the leading eucalyptus pulp producer in Europe. The Renewables segment generates electricity using agricultural and forestry biomass, operating several power plants across Spain. This segment benefits from long-term regulated tariffs and power purchase agreements (PPAs), providing stable cash flows that help offset the cyclicality of pulp prices. Ence also manages significant forest assets in Spain to secure its supply of timber and biomass. The company's strategic focus includes expanding its advanced pulp products and growing its biomethane and biofertilizer operations to capitalize on the circular economy.
