Fibre-based sustainable speciality materials provider Ahlstrom has reported a decline in net sales to €2.25bn ($2.42bn) for the January-September (Q1-Q3) 2024 period, compared to €2.28bn for the same period last year.
Volumes remained consistent with the previous year while average selling prices slightly declined.
Comparable earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased and stood at €342.7m from €308m, representing 15.2% of net sales, up from 13.5%.
This improvement was supported by an increased margin on variable costs per tonne, driven by lower input costs and improved cost efficiency. Fixed costs were slightly higher.
EBITDA for the period was reported to be €258.9m, down from €263.9m. Items affecting comparability and owners’ management fees in EBITDA stood at €83.8m, including restructuring costs related to the Bousbecque plant closure and losses from financial energy hedges.
The company reported a fall in operating results to €111.2m from €125.9m. Depreciation, amortisation, and impairment totalled €147.7m, including depreciation and amortisation arising from power purchase agreements of €46.9m.
In Q2 2024, an impairment loss of €9.8m was recognised on the Bousbecque property, plant, and equipment.
Net financial items stood at €147.6m, including net interest expenses of €116.1m.
The company reported results before taxes at €39m, with taxes amounting to €7.7m, including an adjustment to deferred tax liabilities. The net result was reported to be €46.7m.
Net cash from operating activities for the period improved to €197.5m, supported by increased results and a reduction in working capital.
Ahlstrom president and CEO Helen Mets said: “Ahlstrom’s transformation efforts are delivering results. Our comparable EBITDA in the third quarter reached a record level, reflecting our ongoing commitment to performance and growth.
“Driven by our dedication to science and our desire to help customers navigate global trends, we continue to launch new products, with the introduction this quarter of recyclable packaging material for the bouillon cube segment.”
Recently, Ahlstrom completed the sale of its Aspa pulp mill in Sweden to Sweden Timber.
