ALTRI, S.G.P.S., S.A. informs on: 2Q2025 results

Earnings announcement

(unaudited information)

2Q25

Index

Highlights of 2Q25 3

Message from the CEO 4

Operating and Financial Performance 5

Pulp Market 5

The Altri Group 8

Sustainability 13

M&A (2025) 14

Perspectives 17

Annexes 18

• Description of Altri Group 18

• Pulp mill's Maintenance Downtime Schedule 19

• Debt Maturity Profile 19

• Ratings ESG 20

• Income Statement (2Q25) 21

• Income Statement (1H25) 22

• Balance Sheet (1H25) 23

• Glossary 24

This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards adopted in European Union (IFRS-EU), some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

Index of Tables and Graphs

Table 1 - Global Pulp Demand 5

Table 2 - Pulp Stocks in European ports 6

Table 3 - BHKP Average Pulp Price Evolution in Europe (2021 to 2024) 6

Table 4 - BHKP Average Pulp Price Evolution in Europe (2024 to 2Q25 - quarterly evolution) 6

Table 5 - Global Dissolving Pulp Demand 7

Table 6 - Operating Indicators (Quarter) 8

Table 7 - Operating Indicators (1H25) 8

Table 8 - Weight of Sales (Volume) by End Use 9

Table 9 - Weight of Sales (Volume) by Region 9

Table 10 - Income Statement Highlights of the 2Q25 10

Table 11 - Income Statement Highlights of the 1H25 11

Table 12 - Investment 11

Table 13 - Debt 12

Table 14 - Scheduled Downtime 2025 19

Graph 1 - Debt Maturity Profile 19

Table 15 - Ratings ESG 20

Table 16 - Income Statement (2Q25) 21

Table 17 - Income Statement (1H25) 22

Table 18 - Balance Sheet (1H25) 23

‌Highlights of 2Q25

The Altri Group achieved total revenues of € 169.3 M in 2Q25, a decrease of 29.4% when compared to 2Q24. This change is explained by a lower level of average pulp prices and sales volumes, as a result of less favorable conditions in the global market. The change in US trade policy has led to a less favorable macroeconomic environment, with an impact on global demand for pulp. When compared to the previous quarter, total revenues have also decreased by 16.8%.

The Altri Group recorded an EBITDA of € 28.2 M in 2Q25, a reduction of 61.9% when compared to 2Q24. The EBITDA margin reached 16.7%, which compares with 30.8% reported in 2Q24. This decrease is due to less favorable market conditions with an impact on prices and volumes sold, amplified by the very unfavorable evolution of the US dollar. The comparison with the previous quarter is more favorable, with a 2.2 p.p. improvement in the EBITDA margin in 2Q25 and an EBITDA level close to 1Q25. Despite a significant quarterly reduction in revenues, the Altri Group recorded an improvement in the EBITDA margin in 2Q25, as a result of an improvement in production costs.

After a more dynamic start to 2025, the global pulp sector began to show signs of slowing down during the second quarter, reversing the rise in BHKP prices that had begun in the first quarter. The change in US trade policy, with the announcement of additional tariffs from April, in which the Asian region is one of the main targets, has led to strong economic uncertainty in the short term. This lower visibility has had negative effects on Asian economies and Europe in general, leading to a slowdown in demand for cellulose fibers since the beginning of 2Q25. A clarification and stabilization of global trade dynamics, especially in the US, should contribute to a recovery in the sector globally.

The dissolving pulp (DP) segment has also been affected by the expected impact of new US policies, namely on the import of textile goods from Asia to the US. As a result, we have seen a decrease in global DP demand and price levels during the first half of 2025.

During the third quarter, the Altri Group concluded the acquisition of a majority share in AeoniQTM, a decisive step towards entering the sustainable textiles sector. Altri's investment, including a capital increase, will enable it to develop the first AeoniQ™ industrial unit at the Caima premises (Portugal), and reinforces its strategic vision of diversifying into cellulosic applications with high added value and low environmental impact.

Additionally, the Altri Group continues to develop several growth and diversification projects in line with its strategic plan. We believe that the acquisition of Greenalia Forest, one of the main companies in the Galician forestry sector, and Greenalia Logistics during 2Q25, will enable the Altri Group to establish a forestry platform in northern Spain. Of the projects in the execution phase, we highlight the project for the recovery and valorization of acetic acid and furfural from renewable sources, at Caima, to be completed in the beginning of 2026 as well as the migration of the total production of Paper Pulp (BHKP) to Dissolving Pulp (DP) in the industrial unit Biotek.

‌Message from the CEO

Operating in a global market, Altri is subįect to various impacts, particularly geostrategic and political ones. At the beginning of this year, we saw a recovery in fiber prices on the international markets, particularly in Europe and Asia, which are the most representative for Altri. The American policy of indiscriminate imposition of tariffs caused an immediate cooling of global demand and of destocking in the various value chains. We believe that a stabilization of the tariffs to be applied by the United States will allow the dynamics of demand and supply to return to the global market.

In the first half of the year, Altri overcame some operational challenges, delivering very high levels of efficiency. Fiber production remained at high levels, despite the scheduled shutdowns of two of its industrial units, allowing the company to actively manage stocks in the light of market realities.

In strategic terms, we took very important steps towards achieving our strategic plan of diversification and value creation with the acquisition of the maįority of the capital of AeoniQ, a company with unique technology and intellectual property in textile filament, with characteristics that allow it to be a substitute for fossil-based filaments such as nylon and polyester. This acquisition reinforces the development of proįects in sustainable textiles with high added value and low environmental impact. With the intention of starting construction of an industrial unit on Caima's premises in 2026, this acquisition is crucial for accelerating partnerships with brands and capsule collections incorporating these innovative textile fibers.

Part of the same strategy is the total migration of paper fibers (BHKP) to dissolving fibers (DP) proįect at our Vila Velha de Ródão plant, Biotek, as well as the proįect to recover and value acetic acid and furfural from renewable sources at Caima. The Gama proįect in Galicia is still going through the environmental process and obtaining its license.

In July, the company was included for the first time in the demanding ranking of the 500 most sustainable companies in the world, being the third highest ranked company in its sector of activity and the only national company in the sector included. In a changing world, Altri is firm in its aim to build a more renewable world, counting on the commitment of all its employees to achieve the goals we have set ourselves.

José Soares de Pina CEO