Celulosa Argentina S.A.

Celulosa Argentina S.A.

BBYMA:CELU.CI
189.50
ARS
+23.50
(+14.16%)
-513.35EPS
58.34BMarket Cap
2012 Y
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
TTM
Revenue per Share
0.16
0.19
0.24
0.32
0.41
0.43
0.9
1.65
2.15
33.19
7.59
3,246.71
3,207.72
3,589.86
Basic EPS, GAAP
- -
-0.01
-0.02
0.01
-0.01
-0.12
-0.12
-0.16
-0.33
-2.29
-0.15
333.74
2.74
-515.48
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
10.15
- -
0.89
Book Value per Share
0.08
0.08
0.09
0.11
0.13
0.14
0.39
0.63
0.61
0.71
0.97
754.84
1,015.83
958.41
Tangible Book Value per Share
0.08
0.08
0.09
0.11
0.13
0.14
0.38
0.61
0.61
0.7
0.95
747.9
1,009.16
949.64
Basic Weighted Avg Shares
10,094
10,094
10,094
10,094
10,094
10,094
10,094
10,094
10,094
1,010
10,097
101
101
101
Sales/Revenue/Turnover
1,609
1,871
2,469
3,191
4,115
4,301
9,079
16,663
21,725
33,514
76,681
327,834
323,897
362,397
Operating Margin (%)
11.41
7.92
16.42
12.49
13.79
-2.69
2.88
11.98
8.78
6.88
0.54
10.95
13.84
2.59
Depreciation Expense
1
2
2
3
3
3
55
6
9
32
804
185
205
286
Net Income, GAAP
23
-79
-158
76
-100
-1,227
-1,192
-1,616
-3,310
-2,312
-1,511
33,699
277
-52,038
Effective Tax Rate (%)
45.52
- -
- -
29.25
- -
- -
- -
- -
- -
- -
121.67
31.19
98.74
- -
Profit Margin (%)
1.44
-4.24
-6.38
2.39
-2.43
-28.53
-13.13
-9.7
-15.23
-6.9
-1.97
10.28
0.09
-14.36
Working Capital
-183
-257
-388
-433
-45
-759
-884
-6,371
-7,158
-9,922
-16,432
-35,327
-9,401
-124,841
LT Debt
387
416
542
571
1,131
1,418
3,785
2,412
1,565
9,567
16,811
43,051
63,489
30,342
Total Equity
797
823
992
1,139
1,409
1,479
4,006
6,464
6,298
7,423
10,222
77,869
104,236
98,783
Return on Invested Capital (%)
6.76
- -
- -
12.21
- -
- -
- -
- -
- -
- -
-0.17
20.78
0.27
- -
Return on Capital (%)
4.18
- -
- -
8.43
- -
- -
- -
- -
- -
- -
-7.8
46.21
0.29
- -
Return on Common Equity (%)
3.13
-10.1
-17.95
7.41
-8.19
-87.76
-44.28
-31.42
-52.98
-34.73
-17.83
78.4
0.31
-73.7

Capital Structure

ARS

•

in mil. unless spec.
May'24
Aug'25
Feb'25
ST Debt
39,608
53,027
133,129
LT Borrowings
63,354
71,517
30,261
LT Finance Leases
135
118
81
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
101
101
101
Market Capitalization
98,822
127,187
58,344

Working Capital

ARS

•

in mil. unless spec.
May'24
Aug'25
Feb'25
Total Current Assets
108,105
116,406
128,942
Cash, Cash Equivalents & STI
19,612
7,896
8,193
Accounts Receivable, Net
37,903
47,381
44,236
Inventories
36,445
41,722
37,352
Total Current Liabilities
117,506
133,103
253,783
Payables & Accruals
- -
- -
- -
ST Debt
39,608
53,027
133,129
Deferred Revenue
- -
- -
- -

Growth Rates

ARS

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
102.44%
149.72%
33.86%
Free Cash Flow
- -
- -
- -
Net Income, GAAP
-161.12%
-478.01%
-99.18%
Sales/Revenue/Turnover
79.71%
107.96%
-1.2%
Total Cash Common Dividend
154,882.9%
310,122.63%
-99.99%

Quarterly Revenue

ARS

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
25,601
35,724
69,261
36,408
327,834
2024
100,643
41,200
107,660
114,569
323,897
2025
82,832
- -
57,335
- -
- -

Quarterly Earnings Per Share

ARS

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
33.07
-5.87
96.14
45.24
333.74
2024
-13.54
98.44
-171.12
-57.52
2.74
2025
-116.55
- -
-170.3
- -
- -

Quarterly Dividends Per Share

ARS

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
3.5
0.57
10.15
2024
- -
- -
12.81
-11.92
- -
2025
- -
- -
- -
- -
- -

Company Description

CEO
Hernan Jorge Bagliero
Sector
Process industries
Industry
Pulp & paper
Address
Capitán Bermúdez Argentina
IPO Date
Jul 6, 2011
Business
Celulosa Argentina S.A. is an integrated forestry, pulp, and paper manufacturing company headquartered in Capitán Bermúdez, Santa Fe Province, Argentina. Founded in 1929, the company operates across the forest-industrial value chain, engaging in sustainable forestry management, the production of bleached eucalyptus kraft pulp, and the manufacturing, converting, and distribution of a broad portfolio of paper and packaging products. The company organizes its core business into several integrated segments: Printing and Writing Paper, manufacturing uncoated woodfree papers for commercial printing, publishing, stationery, and office applications under brand names including Boreal, Borealcel, Bookcel, Spring Cel, Paintcel, and Pampa; Pulp Production, manufacturing bleached short-fiber eucalyptus pulp for internal papermaking operations and external merchant sales; Packaging and Specialty Papers, producing packaging substrates, kraft papers, converting grades, and tissue paper; Forestry and Bioenergy, managing eucalyptus and pine forest plantations, harvesting timber, and generating renewable thermal and electric power from forestry biomass; and Commercialization and Distribution, operating comprehensive logistics and sales channels serving publishers, converters, commercial printers, and wholesale distributors across Argentina and Latin American export markets, supported by commercial operations in Uruguay through its subsidiary Fábrica Nacional de Papel S.A. (Fanapel). The company operates primary industrial manufacturing complexes in Capitán Bermúdez (Santa Fe) and Zárate (Buenos Aires). In recent corporate developments, Celulosa Argentina initiated a major strategic, operational, and financial restructuring following acute liquidity pressures and industrial stoppages. In September 2025, the company filed for judicial preventive reorganization (concurso preventivo) to restructure over 128 million USD in liabilities, concurrently undergoing a change in corporate control when Argentine financier Esteban Nofal, head of CIMA Investments, acquired a controlling 45.5 percent equity stake to lead an operational turnaround. In early 2026, the company completed a mandatory public acquisition offer (OPA) following the control change, implemented extensive cost-rationalization programs, restarted industrial plant operations, and continues court-supervised reorganization proceedings aimed at restructuring creditor claims and stabilizing manufacturing operations.