Earnings Announcement | 2Q23




EARNINGS ANNOUNCEMENT




2Q23
( u n a u d i t e d i n f o r m a t i o n )
Earnings Announcement | 2Q23




Index
Highlights of 2Q23 3
Message from the CEO 4

Operating and financial performance 5
Pulp market 5
Altri Group 7
Operating performance 7
Economic and financial performance 8
Investment 10
Debt 10

Sustainability 11

Perspectives 12

Annexes 13
Description of Altri Group 13
Pulp mill’s maintenance downtime schedule 14
Debt maturity profile 14
Income statement (2Q23) 15
Income statement (1H23) 16
Balance sheet (1H23) 17
Glossary 18




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.




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Earnings Announcement | 2Q23




Highlights of 2Q23
Altri Group achieved total revenues of € 201.9 M in 2Q23, a decrease of 25.9% vs 2Q22. The
slowdown in global pulp demand during 2023, which resulted from a relevant destocking process in
the Pulp and Paper industry and the lower dynamism of economic activity, led the Altri Group to
register a lower sales level and prices than the same period last year. Compared to the 1Q23, sales
decreased 10.1%, impacted by a relevant decrease in the pulp prices, despite the increase in the
volume sold.


Faced with a more challenging market environment, the Altri Group recorded an EBITDA of € 31.0
M in 2Q23, a decrease of 55.5% compared to the same period of last year. Also the EBITDA margin
of 15.4% presented a decrease over the 25.6% reported in 2Q22. During 2Q23, the decrease in
costs has accelerated, but not enough to offset the price drop of recent months. The Altri Group
continues to actively work on continued cost reduction in the coming quarters.


During May 2023, the Altri Group distributed to its shareholders a cash dividend of € 0.25 per
share and also a dividend in kind corresponding to 23,154,783 shares of Greenvolt (equivalent
to € 0.74 per Altri share). Also in the month of May 2023, the Altri Group concluded the sale of
the remaining shares of Greenvolt, through an accelerated bookbuilding operation. Both these
operations were extremely well received by the market and the shareholders, and upon completion,
the Altri Group no longer has any interest in Greenvolt.


The Altri Group continues to work on improving the efficiency of its industrial units. In addition,
the Group expects to start up, still in 2023, with additional power-generating capacity, through the
installation of photovoltaic electricity production units. Additionally, the surplus electricity
production of Caima's new biomass boiler, which will make this industrial unit fossil fuel free, will
be sold to the public grid.


The Altri Group continues to develop the Gama project with the intention to take a final investment
decision by the end of 2023. The Gama project will be a transformational project, implying the
construction of a new industrial unit for the production of dissolving pulp and sustainable textile
fibers, in Galicia.




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Earnings Announcement | 2Q23




Message from the CEO
We continue to witness a process of adjustment of the pulp and paper market: while we see signs of
recovery from one of the world's major consumers, China, we face a context of destocking and weak
demand in Europe. This process leads to a recalibration between demand and supply, with a
consequent fall in prices.

This challenging environment is forcing us to remain cautious, strengthening our efforts to optimize
our operations. And we are doing this in two ways: by working to accelerate the downward trend in
production costs, but also by matching our production volumes to actual market demand.

In terms of production costs, after some deflation already registered during the first half of the year,
we continue to work to maintain the downward trend in costs in the second half of 2023, namely in
the costs of wood, chemicals and energy, as well as in the containment of fixed costs.

In addition to the cost reduction effort, we expect to move forward this year with an increase in
electricity generation through the installation of photovoltaic electricity production units.

The investment in Caima’s biomass boiler, which represents more than a third of the total of 36.2
million Euro of the investment paid for only during the first six months of 2023, allows us not only to
reduce costs but also to consistently advance our commitment to eliminate fossil fuels. The surplus
electricity production of this new asset will be sold to the public grid.

We are focused on seizing the opportunities that the bioeconomy offers, seeking to generate greater
value for all stakeholders. Among these opportunities is the Gama Project, directed to the production
of sustainable fibers for the textile industry, in Galicia, in which we continue to work on the various
fronts so that we can make the final investment decision by the end of 2023.

José Soares de Pina
Altri’s CEO




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Earnings Announcement | 2Q23




Operating and financial
performance
Pulp market
Global demand for pulp in the first five months of 2023 presented a decrease of 3.0% vs the same
period of the previous year, with demand for Hardwood pulp registering a slightly better evolution,
with a reduction of 1.5%, according to the PPPC (World Chemical Market Pulp Global 100 Report –
May 2023).

In regional terms, and focusing essentially on the Hardwood pulp market, which is predominant for
the Altri Group, we positively highlight Latin America (+12.6%) and China (+8.1%). The European
market in particular, as a consequence of the destocking effect already seen in the last months of
2022, showed a significant decrease of -18.0% in Western Europe and -16.0% in Eastern Europe
during the first five months of the year. North America, despite a better performance than Europe,
recorded a negative evolution of -4.6%.

000' Tons Jan-May 23 Jan-May 22 YoY

Bleached Hardwood Sulphate 15,293 15,525 -1.5%
Bleached Softwood Sulphate 9,835 10,180 -3.4%
Unbleached Sulphite 1,082 1,312 -17.6%
Sulphite 42 48 -12.1%
Pulp Global Demand 26,252 27,066 -3.0%

Bleached Hardwood Sulphate per region
North America 1,257 1,317 -4.6%
Western Europe 2,997 3,654 -18.0%
Eastern Europe 523 623 -16.0%
Latin America 1,278 1,135 12.6%
Japan 418 452 -7.5%
China 6,303 5,828 8.1%
Rest of Asia/Africa 2,437 2,411 1.1%
Oceania 79 106 -25.0%
Total 15,293 15,525 -1.5%

Source: PPPC (World Chemical Market Pulp Global 100 Report - May 2023).


One of the relevant factors to confirm the balance of demand and supply of pulp in the european
market is the level of stocks in European ports. Given the global destocking trend in the pulp and
paper industry value chain in general, the level of stocks at European Ports continues to record
increases during 2Q23, and is now at levels above the historical average. In any case, it should be
noted that May 2023 saw the first reduction since October 2022, although slight, in the level of
inventories in European Ports.




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Earnings Announcement | 2Q23




Pulp stocks in European Ports
Mil Tons May-23 Apr-23 1Q23 2022 2021 2020 2019

Stocks (EU Ports) 1,791 1,809 1,637 1,157 1,198 1,542 1,912

Note: Monthly end-of-period stocks. Monthly average for quarterly and annual values.
Source: Europulp (Federation of the National Associations of Pulp Sellers in Europe).

During 2Q23, the PIX pulp index price (BHKP) in Europe continued to decrease, ending the quarter at
US$958/ton. In average terms, the price of the European PIX pulp index (BHKP) in 2Q23 decreased
by -18.0% vs. 1Q23, and this evolution was -19.3%, in Euros. After a year 2022 with several supply
constraints, amplified by logistical difficulties, we now witness a process of normalization of the
value chains. Additionally, global pulp demand in 2023 is lower than the previous year's levels, driven
especially by the Printing & Writing (P&W) end-use segment.

BHKP average pulp price evolution in Europe (2018 to 2Q23)
US$/ton 2023 2022 2021 2020 2019 2018
2Q 1Q

Avg. Pulp Price (BHKP) 1,097 1,337 1,286 1,014 680 858 1,037


Source: FOEX.


Global demand for Dissolving Pulp (DP) has registered a 3.5% increase in the first four months of the
year, according to Numera Analytics (Global DP Demand Report – April 2023). This positive variation
is due to some recovery of demand in the textile sector, after the slowdown experienced during
4Q22. We recall that DP is targeted for textile and used mainly in Asia, the region that absorbs around
85% of the demand. In geographical terms, China registered an increase of 5.8%, with Asia growing
at around 4.8%. The DP market maintained stable price levels during 2Q23 and a constant level of
activity.

Global dissolving pulp demand
000' Tons Jan-Apr 23 Jan-Apr 22 YoY


North America 192 153 25.2%
Western Europe 156 207 -24.4%
Asia 2,069 1,975 4.8%
China 1,522 1,439 5.8%
Japan 65 49 32.3%
Taiwan 9 16 -46.7%
Thailand 64 65 -1.9%
Other Asia 410 406 1.0%
Other 16 16 -4.6%
Total 2,433 2,351 3.5%

Source: Numera Analytics (Global DP Demand Report – April 2023).




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Earnings Announcement | 2Q23




Altri Group
Operating performance

Total volume of pulp produced in 2Q23 achieved 280.2 thousand tons, an increase of 17.0% when
compared to the previous quarter, and almost aligned (-0.7%) with the same quarter in the previous
year. This is a more normalized level of production, after the downtime that occurred during 1Q23 in
Celbi, the main industrial unit of the Altri Group.

In terms of pulp sales, the recorded volume was approximately 274.2 thousand tons during 2Q23, a
growth of 9.1% vs 1Q23 and a decrease of 5.7% when compared to the 2Q22.

The destocking effect along the value chain of the pulp and paper industry, as well as some
slowdown in global demand for pulp, especially relevant in the 'Printing & Writing (P&W)' segment
led to a lower level of sales in 2Q23 compared to the same period last year. In any case, the Altri
Group's efforts in the search for new marketing destinations, led to a positive evolution of +9.1% in
the level of sales in 2Q23 vs 1Q23.

Operating indicators (Quarter)

000' tons 2Q23 2Q22 2Q23/2Q22 1Q23 2Q23/1Q23

Production Pulp BHKP 255.4 258.8 -1.3% 214.8 18.9%
Production Pulp DWP 24.8 23.4 6.1% 24.7 0.4%
Total Production 280.2 282.2 -0.7% 239.5 17.0%

Pulp Sales BHKP 248.8 266.6 -6.7% 228.8 8.8%
Pulp Sales DWP 25.4 24.3 4.7% 22.6 12.3%
Total Sales 274.2 290.9 -5.7% 251.4 9.1%


In 1H23, the total volume of pulp produced was 519.8 thousand tons, -7.6% when compared to the
same period in the previous year. A large part of the decrease is due to the fact that during 1H23
there was a planned shutdown in Celbi, the Altri Group's largest industrial site. In terms of pulp sales,
a decrease of 10.8% was recorded compared to the same period last year, due to the destocking
effect recorded in the first half of the year, as a result of the global slowdown in pulp demand.

Operating indicators (1H23)

000' tons 1H23 1H22 1H23/1H22

Production Pulp BHKP 470.3 515.3 -8.7%
Production Pulp DWP 49.5 47.1 5.0%
Total Production 519.8 562.5 -7.6%

Pulp Sales BHKP 477.6 530.7 -10.0%
Pulp Sales DWP 48.0 58.4 -17.8%
Total Sales 525.6 589.0 -10.8%


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Earnings Announcement | 2Q23




In terms of end use, Tissue continues to present solid demand levels, with a weight of 53% in the
1H23. The P&W segment, despite losing weight compared to 2022, remains the second most
important, with 17% of the volume sold. P&W volumes have been declining during 2023, given the
relevant destocking effect and apparent decline in final demand occurring in this segment. In
regional terms, Europe (including Portugal), accounts for 61% of sales, followed by the Middle East
with 26%, Turkey and Israel being the main destinations in the Middle East.

Weight of sales (volume) by end use Weight of sales (volume) by region
1H23 2022 2021 1H23 2022 2021

Tissue 53% 53% 50%
Europe (excl. Portugal) 49% 61% 61%
P&W 17% 24% 19%
Dissolving Middle East 26% 17% 17%
9% 8% 8%
Portugal 12% 15% 14%
Décor 4% 5% 7%
Specialities Asia 13% 7% 8%
4% 5% 6%
Packaging 2% 2% 2%
Other 12% 3% 8%




Economic and financial performance

During 2Q23, total revenues of Altri Group amounted to € 201.9 M, a 25.9% decrease vs 2Q22 and a
decrease of 10.1% vs 1Q23. This variation is mainly explained by the decrease in revenues from
'Cellulosic fibers' during the 2Q23, a consequence of the slowdown in global demand for pulp, and,
consequently, by the destocking effect along the value chain of the pulp and paper industry. This
slowdown in demand led to a significant drop in the price of Hardwood pulp (BHKP) as well as a lower
sales volume for the Group. Although less relevant, the evolution of the €/US$ also contributed
negatively. Compared to 1Q23, and despite the increase in tons sold, the decrease in revenues from
'Cellulosic fibers' turns out to be a consequence of the rapid decline in the price of Hardwood pulp
(BHKP) during 2Q23.

The variation of revenues included in the item 'Others’ (-18.6% vs 2Q22) is explained essentially by
a change in the Electric Energy (EE) sales regime, as a consequence of Celbi's production unit
switching to Self-Consumption from 3Q22. As such, the sale of electric energy started to correspond
only to the surplus, being previously sold the total gross energy produced.

After a slowdown at the end of 2022 and a slight reduction in the main variable costs in 1Q23, we
saw a further reduction in costs during 2Q23 compared to the previous quarter. In this reduction we
highlight the positive evolution of the price of chemicals, electricity and natural gas, as well as the
average price of wood. Despite this favorable evolution at the cost level, it was not sufficient to cope
with the price reduction during the quarter, ultimately leading to a negative evolution in the EBITDA
margin when compared to the previous quarter and with the same quarter of the previous year.

In 2Q23, EBITDA reached € 31.0 M, a decrease of 55.5% vs 2Q22 with an EBITDA margin of 15.4%, a
decrease of 10.2 p.p. when compared to the same period in the previous year and of 6.9 p.p. when
compared to 1Q23.




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Earnings Announcement | 2Q23




The financial results of the Altri Group have gone from € -0.2M in the 2Q22 to € -10.3M in the 2Q23.
To this variation, contributes the amount of € -5.8M related to the recognition of the ineffective part
of the negative change in the fair value of a derivative contract (vPPA) in the form of a contract for
differences (CFD), which the Group has contracted in 2Q23 as part of its strategy to hedge
fluctuations in the long-term purchase price of energy. The fair value of this contract is determined
based in long-term inputs, unobservable in the market, and, as such, its initial valuation is not
accounted for. Therefore, and despite the fact that the contract shows a positive valuation as of
30.06, the decrease verified in energy prices forecasted for the long-term, since the contract date,
negatively impacted its fair value. It is the Group's expectation, based on current projections in
energy futures, that this variation could be compensated in the future by the differential between the
future market price and the fixed contracted energy purchase price. Regarding the other types of
financial results (i.e. interest, exchange rate differences and other derivative instruments), they were
slightly more negative than in the same quarter of the previous year, as the higher interest cost (as a
result of rising rates) was largely mitigated by gains from derivative instruments associated with the
currency hedge. Finally, it should be noted that the results for the same quarter of the previous year
had been positively impacted by the non-recurring gain on the sale of share subscription rights as
part of the capital increase of Greenvolt.

The Net Profit of the Altri Group in 2Q23 reached € 8.4 M, a decrease of 79.0% when compared to
the 2Q22 and of 57.4% vs 1Q23.

Income statement highlights of the 2Q23
€M 2Q23 2Q22 2Q23/2Q22 1Q23 2Q23/1Q23

Cellulosic fibres 162.1 223.7 -27.5% 189.1 -14.2%
Others1 39.8 48.8 -18.5% 35.6 11.6%
Total Revenues 201.9 272.5 -25.9% 224.7 -10.1%

EBITDA 31.0 69.8 -55.5% 50.2 -38.2%
EBITDA mg 15.4% 25.6% -10.2 pp 22.3% -6.9 pp

EBIT 13.7 53.4 -74.4% 32.8 -58.3%
EBIT mg 6.8% 19.6% -12.8 pp 14.6% -7.8 pp

Financial results -10.3 -0.2 s.s. -5.8 77.4%
Income tax 4.8 -13.3 s.s. -7.6 s.s.


Net profit of cont. operations 2 8.4 39.8 -79.0% 19.6 -57.4%

1
Others: includes essentially i) sale of biomass and rendering of operation and maintenance services to Greenvolt's
biomass plants in Portugal and ii) sale of Electric Energy (cogeneration) related to the cellulosic fiber production process.
2
Attributable to equity holders of the parent


During the first six months of 2023, the Altri Group's total revenues reached € 426.6 M, a decrease
of 18.2% over 1H22. This decrease, as already mentioned, is attributable to a rapid negative
evolution of hardwood pulp prices, as a result of a decrease in overall pulp demand, which also
ended up affecting volumes sold. EBITDA reached € 81.2 M in 1H23, a decrease of 37.9% over 1H22,
reaching an EBITDA margin of 19.0%, which translates into a reduction of 6.1 p.p. compared to the
same period of the previous year. Cost reductions, with more visible results in 2Q23, were not




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Earnings Announcement | 2Q23




sufficient to prevent a deterioration in the Group's profitability. The Net Profit of the Altri Group
reached € 28.0 M in 1H23, a decrease of 59.8% when compared to 1H22.

Income statement highlights of the 1H23

€M 1H23 1H22 1H23/1H22

Cellulosic fibres 351.2 423.6 -17.1%
1
Others 75.4 98.1 -23.2%
Total Revenues 426.6 521.7 -18.2%

EBITDA 81.2 130.7 -37.9%
EBITDA mg 19.0% 25.1% -6.1 pp

EBIT 46.5 97.8 -52.4%
EBIT mg 10.9% 18.7% -7.8 pp

Financial results -16.1 -3.7 330.1%
Income tax -2.8 -24.4 -88.6%

Net profit of cont. operations 2 28.0 69.6 -59.8%
1
Others: includes essentially i) sale of biomass and rendering of operation and maintenance services to Greenvolt's biomass
plants in Portugal and ii) sale of Electric Energy (cogeneration) related to the cellulosic fiber production process.
2
Attributable to equity holders of the parent




Investment

The total net investment (i.e., payments in the period relating to acquisitions of property, plant and
equipment) made by the Altri Group during the first six months of 2023 reached € 36.2 M, which
compares with the € 18.8 M in the same period of 2022. The total investment for the six month period
of 2023 includes € 14.2 M related to the new biomass boiler for the Caima industrial unit.

2Q23 1Q23 2022 4Q22 3Q22 2Q22 1Q22

Total net investment 17.8 18.4 45.3 10.5 16.0 12.0 6.8



Debt

The Altri Group's net debt reached € 401.0 M at the end of the 2Q23, an increase vs € 327.5 M at the
end of 1Q23. This level of debt is equivalent to a Net Debt/EBITDA LTM ratio of 1.6x. The total net
debt, (i.e., when adding lease liabilities), was around € 477.3 M at the end of the first semester of
2023. The increase in the level of debt during 2Q23 compared to the previous quarter is mostly
justified by the distribution of a cash dividend amounting to € 51.3 M.

€M 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 2021
Net Debt 401.0 327.5 325.8 360.1 356.9 303.3 344.0




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Earnings Announcement | 2Q23




Sustainability
The Altri Group has defined four strategic development vectors that focus its activity and its future
investments:

• To value the people
• Develop and enhance the forest
• Focus on operational excellence and technological innovation
• Affirming sustainability as a competitiveness factor

Based on this strategy, the main sustainability objectives for the Group were identified, in line with
the Sustainable Development Goals (SDGs) of the United Nations, and with the expectations of our
stakeholders, resulting in the definition of the “2030 Commitment” of the Altri Group. Every quarter
we see progress towards a more sustainable Group, of which we highlight:

• At the top of the Altri Group's priorities is the safety of employees. For the first time in the
Altri Group's history, in 2023, we achieved 2 consecutive months (April and May) with
zero recorded incidents involving internal employees, contributing to the achievement of
the 2030 Commitment.

• The Altri Group recorded a significant improvement in its ESG rating assigned by
Sustainalytics, reaching the Top 5 worldwide among companies in the Paper and
Forestry sector. In addition, Ecovadis awarded a Platinum score to the Altri Group, which
places us in the top 1% worldwide of the sector analyzed by this ESG rating agency.




• The Altri Group was recognized by the Kaizen Institute, a leading global consultant in the
implementation of continuous improvement and management processes, with the 1st place
of the 12th edition of the KAIZEN Awards Portugal, in the category of "Sustainability", a
recognition for the work developed within the scope of its "Commitment 2030".




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Earnings Announcement | 2Q23




Perspectives
The year 2023 is a adjustment year for the global pulp market cycle, with China returning to a
positive post-Covid dynamic and Europe and North America returning to a structurally declining
demand trend for the P&W end-use segment, despite growth in Tissue.

The demand for hardwood pulp in the chinese market has been increasing throughout 2023,
growing +8.1% according to the PPPC, but it took prices to fall below the cash costs of many chinese
integrated producers for this increase in demand to be reactivated. While there is a significant
increase in supply in the market stemming from Arauco and UPM's new industrial units, we believe
this increased momentum could continue during the second half of 2023.

In the European market, the destocking effect along the pulp and paper industry value chain,
experienced since the end of 2022, should be ending, with demand being the decisive factor entering
the second half of 2023. The end-use segments of P&W, Décor and some Specialties continue to
show low levels of demand, while Tissue maintains fairly resilient levels of demand. The Group is
working to achieve the best commercial solutions to maintain adequate sales levels and counter the
decrease in demand in the aforementioned segments.

The price of hardwood pulp (BHKP) in Europe has followed the global trend of falling prices, and
recently, the difference between prices in Europe and China is practically nil. At the end of 2Q23,
hardwood pulp (BHKP) prices in Europe reached US$ 958/ton. The Group believes that this process
may be coming to an end, and that, with it, a stabilization in price developments is expected.
Dissolving Pulp, (DP), with a higher correlation with the textile market, showed consolidated
demand levels and stable price levels during 2Q23, increasing its premium to historical levels
against hardwood pulp prices. The Altri Group remains vigilant and cautious about the outlook for
market developments in the coming quarters.

After the year 2022, in which main variable costs experienced widespread inflation, we were able
to reverse this trend, on a quarterly basis, during 1Q23. This quarterly reduction in production costs
accelerated during 2Q23. The Altri Group will continue to work towards maintaining a cost reduction
trend in the second half of 2023, in particular in chemicals, energy and wood.

In what concerns the Gama project, in Galicia, the Altri Group maintains the intention to take a final
investment decision by the end of 2023. The Group continues to work on the various fronts for the
decision making, namely the environmental impact study, engineering design, economic feasibility,
financing structure and access to funds of the EU (European Union). To be noted that the Gama
project stems from a Memorandum of Understanding (MoU) signed with Impulsa, a public-private
consortium from the Autonomous Community of Galicia, to study exclusively the construction of a
greenfield industrial plant from scratch, with an annual production capacity of 200,000 tons of
soluble pulp and sustainable textile fibers.




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Earnings Announcement | 2Q23




Annexes
Description of Altri Group
Altri is a reference in European cellulosic fibers producers. In addition to cellulosic fibers production,
the Group is also present in the renewable power production business from forest base sources,
namely industrial cogeneration through black liquor. The forestry strategy is based on the full use of
all the components provided by the forest: cellulosic fibers, black liquor and forest wastes.

Currently, Altri manages around 90.4 thousand hectars of forest in Portugal, entirely certified by the
Forest Stewardship Council® (FSC® -C004615) and by Programme for the Endorsement of Forest
CertificationTM (PEFCTM), two of the most acknowledged certification entities worldwide.

Currently, Altri has three pulp mills in Portugal, with an installed capacity that, in 2022, surpassed
1.1 million tonnes/year of cellulosic fibers.

Altri’s current organic structure at the end of June 2023 can be represented as follows:




Cellulosic Cellulosic Dissolving Forest
fibers fibers cellulosic fibers Management
BEKP BEKP DWP




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Earnings Announcement | 2Q23




Pulp mill’s maintenance downtime schedule
In terms of stoppages for maintenance during 2023, the schedule is as follows:

Mill 2023 Status

Celbi March Concluded
Biotek October Scheduled
Caima October Scheduled




Debt maturity profile




Amounts in € M. Note: Commercial Paper renewable with multi-year maturity.




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Earnings Announcement | 2Q23




Income statement (2Q23)
€M 2Q23 2Q22 2Q23/2Q22 1Q23 2Q23/1Q23

Cellulosic fibres 162.1 223.7 -27.5% 189.1 -14.2%
Others1 39.8 48.8 -18.5% 35.6 11.6%
Total revenues 201.9 272.5 -25.9% 224.7 -10.1%

Cost of sales 109.4 113.9 -4.0% 112.0 -2.4%
External supplies and services 46.5 71.5 -34.9% 47.2 -1.5%
Payroll expenses 11.6 12.7 -8.2% 11.6 0.5%
Other expenses 1.3 5.1 -74.3% 3.7 -65.0%
Provisions and impairment losses 2.0 -0.5 s.s. -0.1 s.s.
Total expenses 170.9 202.7 -15.7% 174.5 -2.1%

EBITDA 31.0 69.8 -55.5% 50.2 -38.2%
EBITDA margin 15.4% 25.6% -10.2 pp 22.3% -6.9 pp

Amortisation and depreciation -17.4 -16.4 5.7% -17.4 -0.1%
EBIT 13.7 53.4 -74.4% 32.8 -58.3%
EBIT margin 6.8% 19.6% -12.8 pp 14.6% -7.8 pp
Financial results -10.3 -0.2 s.s. -5.8 77.4%

Profit before income tax of
continued operations 3.4 53.1 -93.6% 27.0 -87.4%

Income tax 4.8 -13.3 s.s. -7.6 s.s.
Consolidated net profit of
continued operations in the period 8.2 39.8 -79.4% 19.4 -57.8%

Attributable to:

Equity holders of the parent 8.4 39.8 -79.0% 19.6 -57.4%
Non-controlling interests -0.2 0.0 s.s. -0.2 -2.1%

1
Others: includes essentially i) sale of biomass and rendering of operation and maintenance services to Greenvolt's biomass plants in
Portugal and ii) sale of Electric Energy (cogeneration) related to the cellulosic fiber production process.




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Earnings Announcement | 2Q23




Income statement (1H23)
€M 1H23 1H22 1H23/1H22

Cellulosic fibres 351.2 423.6 -17.1%
Others1 75.4 98.1 -23.2%
Total revenues 426.6 521.7 -18.2%

Cost of sales 221.4 217.6 1.7%
External supplies and services 93.8 142.9 -34.4%
Payroll expenses 23.2 22.8 1.7%
Other expenses 5.0 8.2 -38.5%
Provisions and impairment losses 2.0 -0.5 -496.0%
Total expenses 345.4 391.0 -11.7%

EBITDA 81.2 130.7 -37.9%
EBITDA margin 19.0% 25.1% -6.1 pp
Amortisation and depreciation -34.7 -33.0 5.4%
EBIT 46.5 97.8 -52.4%
EBIT margin 10.9% 18.7% -7.8 pp
Financial results -16.1 -3.7 330.1%

Profit before income tax of continued
30.4 94.0 -67.6%
operations
Income tax -2.8 -24.4 -88.6%
Consolidated net profit of continued
27.7 69.6 -60.3%
operations in the period
Attributable to:

Equity holders of the parent company 28.0 69.6 -59.8%
Non-controlling interests -0.3 0.0 s.s.

1
Others: includes essentially i) sale of biomass and rendering of operation and maintenance services to Greenvolt's biomass plants in
Portugal and ii) sale of Electric Energy (cogeneration) related to the cellulosic fiber production process.




16
Earnings Announcement | 2Q23




Balance sheet (1H23)
€M 1H23 2022 1H23/2022

Biological assets 110.6 109.1 1.4%
Property, plant and equipment 349.6 336.6 3.9%
Right-of-use assets 67.8 68.6 -1.3%
Goodwill 265.6 265.6 0.0%
Investments in joint ventures and associates 0.9 1.7 -47.5%
Others 20.2 22.0 -8.3%
Total non-current assets 814.7 803.7 1.4%

Inventories 139.6 112.9 23.7%
Trade receivables 116.4 134.6 -13.5%
Cash and cash equivalents 184.4 233.6 -21.1%
Others 36.0 32.9 9.4%
Total current assets 476.4 514.0 -7.3%

Group of assets classified as held for distribution
0.0 180.6 -100.0%
to shareholders
Total assets 1,291.1 1,498.4 -13.8%

Total equity and Non-controlling interests 405.8 609.9 -33.5%

Bank loans 25.0 25.0 0.0%
Other loans 347.2 433.8 -20.0%
Reimbursable government grants 1.3 1.6 -20.0%
Lease liabilities 65.5 64.9 0.9%
Others 54.4 47.8 13.7%
Total non-current liabilities 493.4 573.2 -13.9%

Bank loans 0.3 19.1 -98.6%
Other loans 217.1 82.5 163.2%
Reimbursable government grants 0.7 0.7 0.0%
Lease liabilities 10.7 17.4 -38.2%
Trade payables 98.0 108.7 -9.9%
Others 65.1 86.9 -25.0%
Total current liabilities 391.9 315.3 24.3%

Total liabilities and equity 1,291.1 1,498.4 -13.8%

Note: Consolidated financial information included in this document was prepared in accordance with International Financial Reporting
Standards as adopted by the European Union (IFRS-EU).




17
Earnings Announcement | 2Q23




Glossary
CDP: ESG Rating agency

EBIT: Profit before income tax and Financial results of continued operations

EBIT margin: EBIT / Total Revenues

EBITDA: Profit before income tax, Financial results and Amortisation and depreciation of continued
operations

EBITDA LTM: EBITDA reported in the last twelve months

EBITDA margin: EBITDA / Total Revenues

Ecovadis: ESG Rating agency

ESG: Environment, Social and Governance

Financial results: Results related to investments, Financial expenses and Financial income

Net Debt: Bank loans (nominal amounts) + Other loans (nominal amounts) - Cash and cash
equivalents

Net Profit: Net profit of continued operations attributable to equity holders of the parent

Sustainalytics: ESG Rating agency

Total Net Debt: Net Debt + Lease Liabilities

Total Revenues: Sales + Services rendered + Other income

vPPA: Virtual Power Purchase Agreement




18
Earnings Announcement | 2Q23




EARNINGS ANNOUNCEMENT




2Q23

ALTRI, SGPS, S.A.



Head office: Rua Manuel Pinto de Azevedo, 818, Porto
Share capital: Euro 25,641,459
Registered in the Oporto Commercial Registry Office under the single
registration and tax identification number - 507 172 086