ENCE Energía y Celulosa, S.A. / Estimates

Fiscal Year	Revenue	Net income	Net margin	Free cash flow	FCF margin
2024	€870.44M +4.9%	€31.55M -227.6%	3.6% +0.066 pp	€155.46M +213.4%	17.9% +0.12 pp
2023	€829.60M -17.3%	-€24.72M -110.0%	-3.0% -0.28 pp	€49.61M -86.2%	6.0% -0.30 pp
2022	€1.00B +22.4%	€247.22M -229.8%	24.6% +0.48 pp	€358.55M +68.9%	35.7% +0.098 pp
2021	€819.68M +15.8%	-€190.41M +620.4%	-23.2% -0.19 pp	€212.28M +33.2%	25.9% +0.034 pp
2020	€707.71M -3.8%	-€26.43M -387.0%	-3.7% -0.050 pp	€159.39M -66.0%	22.5% -0.41 pp
2019	€735.35M -11.6%	€9.21M -92.9%	1.3% -0.14 pp	€468.86M +12.9%	63.8% +0.14 pp
2018	€831.98M +12.4%	€129.13M +40.7%	15.5% +0.031 pp	€415.26M +81.5%	49.9% +0.19 pp
2017	€740.32M +22.3%	€91.79M +137.1%	12.4% +0.060 pp	€228.77M +20.2%	30.9% -0.0053 pp
2016	€605.45M -8.8%	€38.71M -22.4%	6.4% -0.011 pp	€190.30M +12.1%	31.4% +0.059 pp
2015	€663.91M -3.4%	€49.86M -135.4%	7.5% +0.28 pp	€169.79M +145.0%	25.6% +0.15 pp
2014	€687.55M -19.4%	-€140.91M -3,368.6%	-20.5% -0.21 pp	€69.29M -76.1%	10.1% -0.24 pp
2013	€853.14M +3.1%	€4.31M -90.0%	0.5% -0.047 pp	€289.60M +24.8%	33.9% +0.059 pp
2012	€827.58M +0.3%	€43.03M +4.5%	5.2% +0.0021 pp	€232.01M +12.6%	28.0% +0.031 pp
2011	€825.45M -0.1%	€41.19M -36.3%	5.0% -0.028 pp	€206.08M +9.3%	25.0% +0.021 pp
2010	€825.91M +53.1%	€64.71M -141.9%	7.8% +0.36 pp	€188.53M -25.9%	22.8% -0.24 pp
2009	€539.36M -18.4%	-€154.57M -3,359.6%	-28.7% -0.29 pp	€254.29M -35.5%	47.1% -0.12 pp
2008	€661.32M -5.1%	€4.74M -91.8%	0.7% -0.076 pp	€394.05M +210.8%	59.6% +0.41 pp
2007	€696.60M +1.0%	€57.90M +15.7%	8.3% +0.011 pp	€126.79M -14.1%	18.2% -0.032 pp
2006	€689.92M +10.8%	€50.05M -21.7%	7.3% -0.030 pp	€147.66M -43.0%	21.4% -0.20 pp
2005	€622.67M +17.3%	€63.94M +31.2%	10.3% +0.011 pp	€258.83M +36.4%	41.6% +0.058 pp
2004	€530.99M	€48.75M	9.2%	€189.77M	35.7%