Altri SGPS S A : announces 3Q2021 results

E A R N I N G S A N N O U N C E M E N T

3Q21( u n a u d i t e d i n f o r m a t i o n )

This document is a translation of a document originally issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails.

Earnings Announcement | 3Q21

Table of contents

Table of contents	2
Highlights of 3Q21	3
Message from the CEO	4
Operational and Financial Performance	5
Pulp Segment	5
Energy Segment (GreenVolt)	7
Consolidated Results (3Q21)	8
Consolidated Results (9M21)	9
Sustainability	11
Perspectives	12
Appendices	13
Description of the Altri Group	13
Pulp Mill's Maintenance Downtime Schedule	14

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Earnings Announcement | 3Q21

Highlights of 3Q21

Altri Group continues to register record levels in Pulp Production and Sales in 2021. Production

reached 865.9 thousand tons and Sales 884.5 thousand tons in 9M21.

Total revenues for the Altri Group reached € 248.4 M during 3Q21, an increase of 75.5% vs. 3Q20, benefiting from a favourable pulp price environment and from the growth of the Energy segment.

Quarterly EBITDA grew 205.7%, when compared to the same period in the previous year, to a record level of € 98.7 M. EBITDA margin reached 39.7%. This performance shows the continuous search for efficiency improvement in the various plants of the Altri Group, despite the inflation of some costs that was felt during the quarter.

Altri Group's Net Profit reached € 48.1 M in 3Q21, an increase of 219.2% when compared to 3Q20.

Altri Group's Net Debt decreased to € 479.6 M at the end of September 2021, to very solid levels, as a result of the Group's internal cash flow generation and GreenVolt's IPO. If we look only at the Pulp segment,

the debt reduction was around 20% in 3Q21 to € 357.3 M.

The Altri Group announced, already in October, the signing of a MoU (Memorandum of Understanding)

with a public-private consortium from the region of Galicia, to jointly and exclusively study the construction of a new industrial unit for Soluble Pulp and Sustainable Textile Fibers with an annual capacity of 200,000 tons.

In the Energy segment, and after the successful IPO in July, GreenVolt registered an extremely positive behaviour of its stock market value, rewarding the national and international expansion strategy in the Renewable Energy area.

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Earnings Announcement | 3Q21

Message from the CEO

Sustainability is a competitiveness factor for Altri Group, and we continuously seek a balance between economic, social and environmental sustainability. The third quarter was a clear example of this at several levels, in our sustainable development and growth, as well as in the creation of value for all our stakeholders.

In addition to the systematic search for the best solutions to meet its Commitment 2030, Altri seeks upstream to encourage the forestry sector to adopt best practices, forest certification, and the creation of a set of solutions that stimulate biodiversity, as well as by increasing the production of green energy and the development of strategic projects.

It is in this context that Altri took a very relevant step, having been selected by the authorities of Galicia to develop a unique project of enormous ambition in the area of sustainable textiles, for the production of cellulosic-based textile fibers from Galician forests, which will progressively contribute to the replacement of synthetic fibers of fossil origin.

The boost given to our subsidiary GreenVolt, through its IPO and the consolidation of its ambitious project for national and international expansion in Biomass and Renewable Energies, was also entirely justified by its favourable stock market performance.

In terms of pulp segment activity, the first nine months of this year were the best ever in terms of production, with the third quarter continuing to show exceptional performance, setting a new Group record in terms of EBITDA. Our plants have been proving that it is possible to do better and more efficiently, with exceptional results.

This performance was achieved despite the pressures felt both in energy prices and the rising cost of wood, our main raw material, with a necessary increase in imports. It is essential that Portugal aligns its strategic interests, creating incentives for better forest management, with the adoption of best practices and the conversion of abandoned forests into forests with higher productivity.

These results are possible only with a special dedication and spirit of cooperation, both from our teams who daily strive to give their best, and from all our partners, suppliers, and customers.

José Soares de Pina

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Earnings Announcement | 3Q21

Operational and Financial

Performance

Pulp Segment

Total worldwide demand during the first nine months of 2021 for Hardwood pulp showed a decrease of 4.8% compared to the same period in 2020, according to the Pulp and Paper Products Council (PPPC), World Chemical Market Pulp Global 100 Report (September 2021). The acceleration in demand in Western Europe (+4.9%) has not been enough to offset the decrease in China (-11.5%). The increase in world maritime freight prices, especially out of China, as well as the energy crisis that led the Chinese Government to decree restrictions on the operation of several industries (including the Papermaking industry), are the main causes for this slowdown.

According to the same source (World Chemical Market Pulp Global 100 Report - September 2021 by PPPC), the global inventory level of Hardwood pulp was 43 days at the end of September, an increase of 1 day when compared to the end of 3Q20. This increase contrasts with a year-on-year reduction of 22% in pulp inventories at European ports in September 2021, showing the current logistical difficulties in the sector.

BHKP Pulp Price Evolution in Europe (2018 to Sept21)

Source: FOEX.

During 3Q21 Pulp prices (BHKP) maintained their upward trend (+4% in USD), having maintained the level of 1,140 USD /ton for most of the quarter. Despite the decline in pulp prices in China during 3Q21, the strong demand for pulp in Europe by European paper producers led to the maintenance of prices.

At the end of September 2021, the PIX market price was at 1,140 USD/ton which compares to 1,099 USD/ton at the end of 2Q21 and 680 USD/ton at the end of 2020. On average, the price recorded by PIX was 1,138 USD/ton during 3Q21 vs 1,009 USD/ton in 2Q21.

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