Estonian Cell, part of the Heinzel Group, posted a net loss of €8.8 million last year. According to the company, this marks a slight improvement compared with the €22.9 million loss recorded in 2023.

The pulp mill's revenue rose from €86 million the previous year to €93 million in 2023.

In the first half of 2024, Estonian Cell managed to reduce its production costs, but in the second half of the year, a volatile energy market, global logistics disruptions and falling sales prices posed additional challenges.

To minimize financial losses caused by electricity price fluctuations, the company halted production for a total of 20 days and also operated at reduced capacity. Although production of aspen pulp increased to 167,000 tons last year, up from 136,000 tons in 2023, it still only amounted to 90 percent of the plant's full capacity.

Estonian Cell produced 4.2 million cubic meters of biogas last year and carried out extensive repairs on its biogas reactor.

"We've made significant progress in stabilizing our financial position, improving efficiency and promoting sustainability, but in order for Estonia to regain its competitiveness and for us to return to profitability, a supportive industrial policy framework is essential — just as other European countries have already implemented," said board member Meelis Kuzma.

Estonian Cell and its parent company, Heinzel Group, have repeatedly proposed to the Estonian government the implementation of three measures aimed at energy-intensive industries: exemption from renewable energy charges, investment support for carbon reduction technologies and crisis aid to mitigate electricity price increases caused by market disruptions.

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