Kutxabank Investment has joined the ENCE 2026 Sustainability-Linked Bond Program as a participating entity, registered on the Mercado Alternativo de Renta Fija (MARF). The bonds will be linked to the achievement of specific sustainability targets and are structured in accordance with the Sustainability-Linked Bond Principles published by ICMA, reinforcing the use of financial instruments aligned with ESG criteria.
The program has a maximum amount of €200 million and a term until January 12, 2027, allowing Ence to carry out multiple issuances over its duration. A first issuance is scheduled for the first quarter of 2026. Meanwhile, EthiFinance Ratings has initiated coverage of Ence with a long-term credit rating of BBB-, supported by the strength of its business model and the group’s favorable growth prospects.
Kutxabank Investment’s participation in this program reflects its active presence in the debt capital markets and its experience in structuring and distributing financing programs for corporate issuers.
Program Objective
Through this program, Ence expands its access to qualified investors and continues to strengthen the diversification of its medium- and long-term financing, supported by a stable framework that underpins the execution of its corporate strategy and the development of its growth plans.
Issuer Description
Ence – Energía y Celulosa, S.A. is an industrial group specializing in cellulose production and renewable energy generation from biomass. The company operates with a focus on operational efficiency, sustainable resource management, and long-term value creation, positioning itself as a leading player in its sector in Spain.
At the end of the first half of 2025 (1H25), Ence reported revenue of €379 million, reflecting year-on-year variation in line with the market environment. EBITDA reached €58 million, with an EBITDA margin of 15.3%, demonstrating solid operational profitability despite lower activity levels. Net financial debt stood at €363 million, with a DFN/EBITDA ratio of 2.14x, while equity remained stable at €622 million
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