The Altri Group achieved total revenues of € 240.0 M in 2Q24, an increase of 18.9% over the same period of last year. This change is due to a strong momentum of the global pulp market with prices in the second quarter 25% higher than the 2Q23. This evolution is also positive in relation to 1Q24, with total revenues in 2Q24 growing 7.8%, which reflects the aforementioned improvement in market conditions.
The Altri Group recorded an EBITDA of € 74.0 M in 2Q24, a figure significantly higher than the € 31.0 M achieved in the 2Q23, growing by 138.4% vs the same period of last year. The EBITDA margin reached 30.8%, comparing with the 15.4% reported in the same period of last year and 22.5% in the 1Q24. Operational profitability of the Altri Group also improved on a quarterly basis, with the EBITDA of the 2Q24 growing 47.9% vs the 1Q24.
Global pulp demand remained robust through the initial five months of 2024, with Europe and North America leading this continued growth. However, Asia's market, especially China, experienced a deceleration after an impressive early year and a record-breaking 2023. Consequently, following consecutive price hikes in the first half (BHKP), a price correction is expected in the latter half of 2024, as predicted by industry experts. For dissolving pulp (DWP), there has been a 4% price increase from both the preceding quarter and the corresponding quarter last year.
The Altri Group closed the first half of 2024 with reduced net debt at €324.8 million, below the €339.9 million mark in March 2024, despite a dividend distribution of €51.3 million (€0.25 per share) in 2Q24. The Net Debt/EBITDA LTM ratio dropped to 1.8x in June 2024 from 2.6x at the end of 2023. The Altri Group continues to develop various growth and diversification projects in line with its strategic plan. Of the projects in the execution phase, we highlight the project for the recovery and valorization of acetic acid and furfural from renewable sources, at Caima, expected to be completed by the end of 2025.
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