In the first nine months of the year, Iberpapel reported revenue of Euro 230.79 million, year-on-year growth of 40.17%, thanks to the price strategy implemented by the company to address the unstable macroeconomic and geopolitical environment.
However, the impact of regulatory developments in the third quarter, specifically co-generators’ inability to participate in the government’s gas price adjustment measures, forced the company to stop its co-generation plant in Hernani, resulting in high and unforeseen costs. As a result, EBITDA narrowed by 17.06% year-on-year to Euro 16.47 million, while net profit ended the period at Euro 6.2 million.
New legislation (Royal Decree-Law 17/2022) introduces urgent energy measures, and remedies that situation. That coupled with the termination of the previous gas supply contract, among other measures taken by the company, point to a better performance during the last quarter of the year.
Iberpapel is a vertically-integrated paper group. It is one of the leading players in the printing and writing paper segment in Spain.