Exposure to the highly cyclical pulp industry and to the Spanish biomass energy sector, which has recently been hit by changes in its regulatory framework. Small size and scope, with very few operating assets, all of which are located in Spain. Limited product and geographical diversity, with a focus on the European markets. Major European eucalyptus pulp producer, with a well-invested asset base, advanced logistics, and biomass energy integration. Recovery in profitability in the near term following the closure of a mill that became unprofitable due to the new energy regulations, and the implementation of cost-efficiency measures. Stable customer base, with a large proportion of sales to the resilient and expanding paper tissue market. Highly cyclical operating cash flow and
