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

2Q22( 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, 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.

Earnings Announcement | 2Q22

Index

Index

2

Highlights of 2Q22

3

Message from the CEO

4

Operational and Financial Performance

5

Pulp Market

5

Altri Group

7

Sustainability

10

Perspectives

11

Annexes

12

Description of Altri Group

12

Pulp Mill's Maintenance Downtime Schedule

13

Financial Debt Maturity Profile

13

Income Statement of 2Q22

14

Income Statement of 1H22

15

Glossary

16

2

Earnings Announcement | 2Q22

Highlights of 2Q22

Total revenues of Altri Group reached € 272.5 M during 2Q22, an increase of 37.8% vs 2Q21 and an

increase of 9.3% vs 1Q22, benefiting from the favorable pulp price environment. In the 1H22, Altri Group registered total revenues of € 521.7 M, a growth of 41.8% vs 1H21.

EBITDA reached € 69.8 M in the 2Q22, an improvement of 6.2% vs 2Q21 and of 14.3% when compared to

the 1Q22. In 1H22, Altri Group reported an EBITDA of € 130.8 M, a growth of 32.7%, when compared to the 1H21. Although Altri Group remains with a high profitability level, the challenging inflation environment in several variable costs has limited the expansion of that profitability and obtained margins.

Altri Group's Net Profit (continued operations) reached € 39.8 M in 2Q22, an increase of 23.6% when

compared to 2Q21. In the 1H22, the Group's Net Profit recorded an increase of 56.9% when compared to the

1H21, reaching € 69.6 M.

During May 2022, Altri Group distributed to its shareholders a cash dividend of € 0.24 per share and also a dividend in kind corresponding to 52,523,229 shares of GreenVolt (equivalent to € 1.74 per Altri share).

This operation was extremely well received by the market and the shareholders.

Despite the distribution of dividends in 2Q22, the Net Debt/EBITDA LTM ratio maintains a comfortable level of 1.4x. Net Debt of the Altri Group at the end of 2Q22 was € 356.9 M, which compares to € 303.3 M at the end of 1Q22.

At the sustainability front, Science Based Targets validated the objectives for the reduction of greenhouse

gas emissions (GHG) submitted by the Altri Group. Starting in 2020, Altri has defined the commitment to reduce GHG emissions in scopes 1 and 2 by 51% per ton of pulp produced until 2030.

3

Earnings Announcement | 2Q22

Message from the CEO

Altri Group maintained a strong operating performance in the second quarter, but also in the accumulated first half of this year. Despite the scheduled maintenance shutdown of Biotek, it was possible to achieve a high production volume of cellulosic fibers as a result of the increasing efficiency of operations in Caima, Celbi and of Biotek itself.

Never before has the production capacity of our units, which also reflects the daily commitment of our people, been so important, given the demand for cellulosic fibers in the international market. China continues to present lower levels of demand, but has been compensated by the rest of the Asia and Pacific region and especially by the dynamism of the Western European market.

All this in a context of consecutive increases in fiber prices. In these three months, increases were announced for April, May and June, of US$ 50 /ton, each, with the price of pulp (BHKP) in Europe reaching the end of the quarter at US$ 1,350 /ton. In July, a new increase of US$ 30/ton was announced. In the Dissolving Pulp business area, the price evolution also continues to be very positive.

The combination of the dynamics of demand with rising prices translated positively in the financial indicators of the Altri Group at the level of revenues, which grew by about 42%, but also in EBITDA (+33%) and Net Profit (+57%). This performance has been achieved in a challenging environment of inflation of several variable costs, reflecting the disruptions in logistics chains, but exacerbated by the invasion of Ukraine by Russia.

The context of strong increase in energy and raw materials prices, especially chemicals and wood, has limited the expansion of profitability and margins obtained by the Altri Group. However, it does not discourage us from continuing to invest so far to make our units more productive, but also increasingly environmentally friendly. A large part of the 60% increase in the Group's investment is explained by the "Caima Go Green" project, which will allow this to be the first Iberian unit, and one of the first in Europe, to operate without fossil fuels.

For us, sustainability is extremely important. It is at the heart of the decisions we make on a daily basis, but also in the choices we make today, with our eyes on the future. The Gama project in Galicia is a mirror of that. If it goes ahead - the final decision should be made during the first half of 2023 -, it will be an investment of over 800 million euros in a unit equipped with the latest technology, which will not only have a reduced environmental impact but will also meet the growing demand for sustainable fibers for the textile industry, which is also increasingly thirsty for alternatives to synthetic fibers produced from fossil fuels and non-biodegradable.

José Soares de Pina

Altri's CEO

4

Earnings Announcement | 2Q22

Operational and Financial

Performance

Pulp Market

The global demand for Pulp decreased by 0.8% until May 2022, when compared with the same period of the previous year. Demand for Hardwood Pulp decreased by 0.3% until May 2022 when compared to the same period of 2021, according to the PPPC (World Chemical Market Pulp Global 100 Report- May 2022).

Altri Group is essentially present in Hardwood Pulp market and if we look at the regional demand, we highlight the positive dynamics of Western Europe (+3.3%), as well as the Asia and Pacific region ( excluding China), with increases in demand of 19.1% in Japan and 6.5% for the rest of Asia/Africa, and 36.1% in Oceania.

China continues report a decrease (-6.6%) in demand, largely explained by factors already identified in 2021 and which continue to restrict many of the economic relations with the Asian country, namely logistical factors (availability of ships and freight costs) and health factors (Zero Covid policy). Given the restrictions mentioned, we continue to see the trend that began in 2021 of exports of various types of paper from China to Europe being affected, strengthening the position of local paper producers and their suppliers of raw materials.

Pulp Global Demand by Region

000' Tons

Jan-May 22

Jan-May 21

YoY

Bleached Hardwood Sulphate

15,029

15,077

-0.3%

Bleached Softwood Sulphate

10,188

10,456

-2.6%

Unbleached Sulphite

1,313

1,196

9.8%

Sulphite

48

52

-7.7%

Pulp Global Demand

26,578

26,781

-0.8%

Bleached Hardwood per region

North America

1,273

1,267

0.4%

Western Europe

3,505

3,391

3.3%

Eastern Europe

624

639

-2.3%

Latin America

1,069

1,076

-0.6%

Japan

445

373

19.1%

China

5,584

5,977

-6.6%

Rest of Asia/Africa

2,426

2,277

6.5%

Oceania

104

77

36.1%

Total

15,030

15,077

-0.3%

Source: PPPC (World Chemical Market Pulp Global 100 Report- May 2022).

5

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Altri SGPS SA published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 16:46:10 UTC.