“2024 will certainly be a year of major uncertainty and challenges, but it will also be a year for opportunities. The strategic cycle 2022-24 is to be concluded, and the strategic approach that has been implemented will be further adapted and improved.”

CEO do Grupo Inapa

2023 has been a rough and challenging year. The European Union’s economy has decelerated once again and the scenario was featured by wars, natural disasters, and a restrictive monetary overview. As regards the paper industry, the demand for paper has decreased substantially, due to a destocking process across all value chain, as to a real reduction of demand.

Therefore, we have enhanced the optimisation process and kept our focus on strategic priorities – effectiveness, improvement regarding non-paper products and sustainability. Despite our notable decrease in performance, as compared to 2022, I believe that significant steps have been taken to consolidate the Group’s competitiveness and reinforce its position as a major player in the paper distribution sector across Western Europe.

As for performance,2023’s revenues amounted to EUR 969 million, which means a downturn of EUR 243 million, as compared to 2022. However, some positive aspects might be underlined. Firstly, a rise in the market share for paper distribution in many of the countries in which we operate. Secondly, we have mitigated the impact generated by the decline in traded volume of paper (23%), by means of a less pronounced cut in revenues (20%). Thirdly, an increase of around 5% in the non-paper business, related to a positive behaviour in visual communication (supported by an organic growth and the acquisition of JJ Loos in France at the end of 2022).

The revenues’ contraction has significantly affected recurring EBITDA, which has amounted to EUR 33 million, against EUR 87 million in 2022 (less 62%). Challenging credit conditions have deepened our financial position, further contributing to a net loss of EUR 8 million.

In terms of balance, we have maintained our path towards debt reduction, which we have consistently sustained in recent years. By December 2023, net debt has been set at EUR 207 million, corresponding to a reduction of EUR 14 million, against EUR 221 million recorded in the same period of 2022.

As previously mentioned, we have taken optimization measures, complemented by modernisation and seamless procedures. In addition to the measures originally planned, like concluding the implementation of the new ERP (Enterprise Resource Planning) – accomplished in France during the first semester –, we have intensified this approach throughout the year, implementing some very difficult measures, though necessary ones. Germany has been our primary focus, where we have adopted the logistic footprint and the teams, which have required a significant headcount reduction in this country. We must refer that these measures, as well as those currently ongoing, will only have full impact in 2025.

We have kept our commitment for 2024 regarding the United Nation’s Sustainable Development Goals (SDGs). Our ability to accomplish some of the goals has been affected by adversities and a period of relatively severe changes. However, some improvements must be highlighted, such as the growing importance of marketing eco-friendly paper (from 78% to 85%), reducing our direct emissions (by 14%) and energy and water consumptions (by 18% and 10% respectively)

2024 will certainly be a year of major uncertainty and challenges, but it will also be a year for opportunities. The strategic cycle 2022-24 is to be concluded, and the strategic approach that has been implemented will be further adapted and improved. But we believe that the measures embraced for 2023, and those currently ongoing, allow the Group to be more agile than before, enabling an enhanced responsiveness to different events that might occur.

The support we have received over time from our employees, communities, customers, partners, and shareholders, empowered us to pursuit our mission.

Our Vision

Over the years, lnapa Group has been building a solid foundation which allows it to maintain a leadership position in the markets where it operates. We want to continue to grow, based on a joint effort. Inapa is committed to an approach focused on providing an excellent service to clients and a support that ensures our clients, partners, employees and stakeholders a sustainable business with a common goal: to improve the world. This is our mission, which is reflected in all our actions, from the human aspect, to operations and to the sustainable way to reduce the environmental impact of our activities.

Improve your work

Through processes adaptable to all of the Group's geographies, we are building a stronger, more collaborative and committed culture that will enable us, on one hand, to reduce the distances and constraints imposed and, on the other hand, to facilitate the creation of new working dynamics by increasingly relying on technology as a powerful tool for bringing people together and building a sense of belonging and working towards a common goal. We want to promote greater collaboration between departments and between companies all over the world in order to foster a better future for everyone.

Improve your life

We want to be an integral and active part of a positive change in everyone's life. The desire to live better has revealed a greater demand for healthier and more environmentally friendly habits, as well as the need to find a balance between professional and personal life. Inapa Group promotes several initiatives to encourage a healthier lifestyle, both physically and mentally, and is committed to a company culture that involves all its employees, customers and stakeholders.

Improve your world

Environmental sustainability is part of Inapa Group's culture, present in the way it operates in all business areas and in the different markets in which it operates. We take a responsible and preventive approach to the challenges, assuming its role (direct or indirect) in the conservation of forests and the species that depend on them, in the responsible use of natural resources such as water, and in the reduction of greenhouse gas emissions. This is our commitment: to build a more sustainable world, where companies and employees come together and stand up for the same values.

Our values shape our future

Our values are always aligned with our mission so that, through them, Inapa's culture is always present in the services provided, in the decisions made and in the definition of the business strategy.

Client Focus

We walk side by side with the Client, we know his business and we seek to anticipate his needs.

We add value through a personalized service to Clients. We want to be an integral part of the solution to each challenge, in order to respond and, whenever possible, exceed their expectations.


We deliver what we promise.

We are committed to long-term relationships built on trust, we are consistent in the way we work and are ethically responsible. We provide a service of excellence that clients, partners and suppliers can count on, without any reservations.


We have the capabilities to reinvent ourselves in new and different ways.

We value the ability to change with the market to keep pace with technological developments and business trends around the world, through easily adaptable processes. We are prepared for the challenges of an increasingly volatile, uncertain, complex and ambiguous world. We keep an open mind to promote efficiency in the responses and solutions we offer.


Improve our work, our life, the world.

The concern with financial, social and environmental sustainability is part of our daily life. We believe that the future belongs to those who reinvent themselves, keeping a responsible perspective on all these aspects and provide that learning to others. We therefore have a responsible approach, through the promotion and optimization of sustainable processes, transversal to the whole Group.


Our strategy for 2022-24 is focused on 3 main drivers:


• Keep the focus on customer loyalty and in sustaining Inapa’s leadership position

• Increase the weight of sales made through electronic channels

• Continuous optimization of the infrastructure and logistics organization

• Expand the implementation of the new ERP to all geographies, enabling further development of shared services and adoption of new technologies to reduce costs


• Target significant organic growth in non-paper products

• Explore acquisition opportunities to foster growth in the Packaging and Viscom areas


• Continue the debt reduction process and the strengthening of the equity/ debt ratio through the generation of operational cash flows and the divestment in fixed assets

• Bring in new talent with digital skills and rejuvenate the structure

• Reduce direct emissions by increasing renewable energy generation and by increasing the usage of green energy/ fuels in the operations

• Improve indirect emissions by increasing the purchases of certified product

Environmental and Social Responsibility

Inapa has a responsible and preventive approach to environmental challenges, being mobilised around measures that promote environmental protection and fully comply with all community or local laws and regulations.

Our environmental commitment is based on the following pillars:
  • Legal compliance
  • Environmental certification of subsidiaries and the supply chain
  • Proactive environmental product management
  • Efficient management of the carbon footprint of operations

Despite the challenges the industry faces, the Group also sees social responsibility as an essential contribution to building a sustainable, fairer and more balanced future, which is why it has multiple solidarity initiatives underway in the countries where it operates.