Altri SGPS S A announces 2025 Annual Report and Accounts for consideration at the AGM to be held on May 4, 2026 - non-ESEF version

ANNUAL REPORT 2025

European single electronic reporting format (ESEF) and PDF version

This document is an unofficial and unaudited PDF version of the Annual Report 2025 of Altri, SGPS, S.A.. This version has been prepared for ease of use and does not contain ESEF information as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The official ESEF reporting package is available on the CMVM website and was submitted on 9 April 2026. This document is a true copy of the aforementioned financial information. In case of discrepancies between this version and the official ESEF package, the latter prevails.

ALTRI, SGPS, S.A.

Company issuing shares admitted to trading on a regulated market Head Office: Rua Manuel Pinto de Azevedo, 818 – Oporto

NIF 507 172 086

Share Capital: 25,641,459 Euro

Progress is built through consistency, vision and the ability to execute over time. At Altri, this path is guided by an ongoing commitment to excellence, reflected in the rigorous way objectives are defined and results are achieved.

In 2025, the Group took another important step in its journey of evolution, with measurable progress towards the targets set for 2030. The decarbonisation of operations, efficiency in the use of resources and the continued focus on technological innovation continue to shape this trajectory, grounded in an approach that values simplicity — transforming complex challenges into clear, effective and impactful solutions.

The use of 100% renewable primary energy in industrial units, the reduction of 51% in Scope 1 and 2 greenhouse gas emissions, as well as up to 25% in Scope 3, together with the remaining objectives of the 2030 Commitment, reflect an approach based on integrity, supported by demanding criteria, transparency and responsible decision-making.

This journey also requires courage — the ability to anticipate challenges, question the status quo and turn ambition into concrete and sustainable results. Over the years, Altri has consolidated its role as an active agent in building a more sustainable, low carbon economy, maintaining a coherent, long term oriented approach.

This is, however, a path under continuous construction — shaped by ongoing evolution, learning and adaptation.

Work in progress for a world in progress.

Altri, building a more renewable world.

Management Report Corporate Governance

Report

Consolidated Financial Statements and Accompanying Notes

Separate Financial Statements and Accompanying Notes

Statutory and Auditor's Report

Report and Opinion of the Statutory Audit Board

‌Leading Progress

Shaping Progress in 2025

Evolving as a Group

Advancing with Operational Excellence

Keeping Pace with an Evolving Market

Sustaining Financial Growth

Driving Climate Action

Developing Forests Responsibly

Valuing People and Communities

Sustainability Statement

Preparing the Future

Proposal of the Board of Directors for the Appropriation of Individual Net Profit

About the Report

Annexes to the Management Report

7 11

27 42

54 56 ## ##

## 83

308

310

311

312

5

Management Report

7 Leading Progress

51 Keeping Pace with an Evolving Market

7 Message from the Chairman of the Board of Directors

9 Message from the Chief Executive Officer

11 Shaping Progress in 2025

54 Sustaining Financial Growth

54 Macroeconomic Context

55 Financial Performance

12 Key Highlights

14 Global Recognition

15 Evolving as a Group

56 Stock Market Evolution

58 Green Taxonomy and Responsible Investment

61 Driving Climate Action

16 Strategic Axis and Business Model

17 Value Chain

18 Global Brand

21 Governance Structure

22 Investor Engagement

24 Risk Management

26 Sustainability

27 2030 Commitment

30 Materiality

34 Advancing with Operational Excellence

69

76

82

83

123

234

293

305

307

308

Developing the Forest with Responsibility Valuing People and Communities Sustainability Statement

General Requirements Environmental Information Social Information Governance Information

Preparing the Future

Proposal of the Board of Directors for the Appropriation of Individual Net Profit

About the Report

35 Operational Performance

38 Operational Excellence

42 Innovation

1. Certifications

2. Digital Transformation

310

Annexes to the Management Report

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In recent years, these messages have conveyed the same underlying idea: the period in question has been, at the very least, challenging. It required greater or lesser adjustments to the business plan, demanded the full commitment of the entire organisation and strategic fine-tuning, while expectations for the following financial year have remained moderately optimistic. In an industry with strong cyclical characteristics, less favourable years are simply part of “life”. Even so, more recent times have been marked by the virulence, scale and, above all, the speed of surprising movements that seem to lend credence to those who speak of a “new normal”. A “new normal” that many associate with increased risk and uncertainty, posing additional challenges to the organisation, management and the design of strategy.

At Altri, integrity is one of the values by which we operate. We do not seek excuses, even when we are affected by economic, political or natural forces beyond our control. Being a “price-taker” has, paradoxical as it may seem, given us resilience and agility. We have prepared ourselves, in terms of strategy, business plan and organisation, by distinguishing between

foreseeable structural trends (for example, in demand, climate or technology) and situations of risk and uncertainty. We adapt by mobilising people and partners, doing the best possible in light of the circumstances. We learn, always striving to emerge stronger from each trial and to evolve. We reject easy rhetoric. We aspire to excellence. We set ourselves ambitious goals, the pursuit of which keeps the organisation under constant challenge, always demanding more and the very best from us. We are our own most critical judges, committed to not disappointing the expectations of our stakeholders.

Once again, 2025 was a year that put us to the test. In a difficult environment, we continued to take firm steps in implementing our strategy of diversification (products and markets) and differentiation (moving towards higher value-added segments). To this end, we have progressed “on two legs”: on the one hand, leveraging internal capabilities to broaden the product portfolio, following a diversification-by-extension logic that minimises technological and market risk while, at the same time, moving into higher value-added segments; on the other hand, strengthening our innovation dynamics, expanded through the acquisition of an international company — a new challenge aimed at

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consolidating the diversification/differentiation pairing that will grant Altri access to segments with higher growth potential and lower volatility. In parallel, we consolidated our organic presence in countries whose potential, we sensed, was not being fully captured by the existing organisational model, while continuing to prioritise the exploration of new technological or commercial partnerships in other geographies.

In companies with some degree of market power, there are those who simplify matters by saying that, in management, costs are facts and prices are policy. In Altri’s case, where short-term room for manoeuvre is virtually non-existent, focus must lie — alongside close monitoring of market conditions and opportunities — on operational management and the control of the key cost drivers. In an extremely challenging context, even with the full commitment of our people, reflected in gains in operational efficiency and in performance that places us as a global benchmark in the sector in several sustainability-related rankings, we fell short of what we had aspired to achieve. The fact that this was common across the industry does not breed complacency: we are always our most demanding judges.

Over the past six years, coinciding with the two terms of this Board of Directors, the world has experienced a pandemic unprecedented in a century, witnessed Russia’s invasion of Ukraine — a conflict that disrupted supply chains and fuelled inflationary pressures thought long buried. As if that were not enough, the world has lived for a year with an administration in the world’s most powerful country whose decisions have affected the international economic order, magnifying risk and uncertainty and which, at the moment this message is being written, has opened a new conflict in the Middle East, the potential damage of which is difficult to anticipate. At the same time, extreme climate events have increased in frequency and impact, while in the technological sphere, the development of artificial intelligence threatens to be a “game changer”, with economic and social repercussions of potentially disruptive scope and impact, at both macro and micro levels. Navigating this (new) world is not easy. Finding and maintaining a course, even less so. Yet it is essential: as Seneca said, there is no favourable wind for a ship without a destination. Just as it is also said that “those who go to sea must prepare themselves on land”.

Today’s situation is more complex due to the plurality of dimensions and dynamics involved. A polycrisis, some say. Its analysis calls for a multiplicity of

knowledge and skills, what Whewell termed consilience. By definition, it does not eliminate uncertainty. It does, however, allow the enigma to be deciphered earlier and more timely and appropriate decisions to be taken. The organisation of the company — who we are, our DNA — becomes even more relevant. Our past gives us an advantage in this respect, though not one that leads us to relax. It is no coincidence that we proclaim “planting seeds for tomorrow” as one of our mottos.

Six years ago, Altri changed its governance model through the forward-looking will of its shareholders. Over these two terms, we have sought to prove them right and to honour the trust placed in us. Despite occasional setbacks, the qualitative balance points to consistent organisational evolution, coherent with changes in the external environment, which has allowed Altri to position itself as one of the industry’s benchmarks, without becoming static, open to new opportunities and challenges for which it has been preparing. This is a legacy to which the outgoing members of the Board of Directors are proud to have contributed and which, we are confident, the new Board will be able to build upon. A legacy that would not have been possible without the trust placed in us by shareholders — in particular the reference shareholder — without strategic alignment with the Executive Committee and, above all, without the tireless dedication of all the people who, every day, make Altri what it is. Our sincere thanks to all.

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‌The year 2025 unfolded in a highly challenging global environment, characterised by strong market volatility, ongoing trade tensions, and price pressures. In this complex context, Altri demonstrated extraordinary capacity for adaptation and resilience, remaining committed to executing its strategy and creating sustainable long-term value. This was also a special year, marked by the Group's 20th anniversary, built on a solid foundation, with a strong focus on innovation and continuous improvement in a changing sector, and a continued commitment to sustainability.

Our economic performance shows this commitment. With revenues of 702.8 million euros and a total production of 1.1 million tons of cellulosic fibres, the Group registered an EBITDA of 94.1 million euros, supported by an improvement in operational efficiency and strict cost control, for the second consecutive year.

At the same time, 2025 was marked by structural advances in diversification and innovation, where we maintained a continuous research and development approach, focused on more efficient, circular solutions with lower environmental impact. The conversion of Biotek to dissolving pulp, the development of solutions in Caima based on the recovery of by-products of renewable origin, such as acetic acid and furfural, and the acquisition of the majority of AeoniQ™'s capital for the production of latest generation filament, reflect Altri’s ambition to strengthen its presence in segments of higher added

value, namely in sustainable textiles and bioeconomy, promoting consistent evolution throughout the value chain.

The forest is at the heart of our business and guides our commitment to manage all resources responsibly. Since the forest is the primary source of raw materials for the Group, in 2025, we reinforced our commitment to expanding operations in Galicia by acquiring Altri Forestal, building on our experience in forest management and logistics, and fostering a more integrated and resilient supply chain.

The talent, commitment, knowledge and dedication of our people are essential to achieving our goals. Throughout the year, we have consolidated a culture of collaboration, sharing and responsibility, promoted by initiatives such as the SEEDS program, which encourages internal development, innovation and team engagement, key elements to overcome challenges and execute strategic projects. We maintain transparent relationships with employees, communities, partners and customers, recognising this connection as a central pillar of our activity, contributing to a positive impact and adding value to the territories where we are present.

Sustainability occupies a central position in Altri’s strategy, being fully integrated into the company's management processes and decisions. During 2025, we recorded consistent progress toward the objectives set out in the 2030 Commitment and the Net Zero commitment signed with SBTi,

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consolidating our climate action. This route has earned external recognition: In September 2025, Sustainability distinguished us as a low-risk company; we were included in the CDP Climate A List, achieving an A- rating in water and forest issues. Additionally, we received the Ecovadis Platinum Medal, symbolising notable achievements and emphasising international recognition of our environmental performance and commitment to transparency. These results are based on responsible governance practices and alignment with high ethical standards, reinforcing our stakeholders' trust.

The beginning of 2026 shows signs of recovery in some markets, particularly in Asia, though uncertainties persist amid the global geopolitical context. The constraints recorded in the first quarter, resulting from adverse weather conditions in Portugal, despite their temporary nature, impacted our operations and multiple partners, suppliers, and local populations. Altri was always present, supporting and mitigating impacts, affirming itself through its resilience and operational capacity to allow rapid normalisation of its activities, while never losing its long-term vision.

With highly dedicated teams, structuring projects in progress and a rigorously defined strategy, the Altri Group demonstrates the ability to respond to challenges and capitalise on emerging opportunities. The future requires our focus on operational capacity while strengthening our future vision for the industry through participation in higher-added-value segments. With this commitment, the company continues on its path, consistently contributing to a more renewable world.

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‌2025 Main events

e Net-Zero Altri

Presentation of the commitment to define the company's Net-Zero goal to SBTi.

i 20" Annivereary of the Altri Group

Altri Group celebrates 20 yeara since its foundation.

i Protocol of collaboration with If+e Zoo

Altri Floreetal and the Zoo signeda collaboration protocol focused on the sustainability of the food of the zoo*e current and Mure koalaa.

' ESG Caixa Award - Transparency & Performance

ESG Caixa Recognition — Transparency & Performance Award,a distinction that values companies for their transparency and incorporation of ESG beet practices.

' Gama Project receiveo Positive Environmental Impact Statement

Positive Environmental Impact Statement (DIA), an important step in the project's environmental procedure.

“From Information to Action: The impaot of Data Governance on process transformation"

A round table that brought together benchmark experts to share viewa and experiences on digital transformation in the industrial sector.

.

• National 6uetainabilñy Award

  The National Sustainability Award of the newspaper Jornal de Negocioe distinguishes the Safety Lab program aaa winner in the category "Health and Welfare in Organiaationa — Great Organisation”, contributing to the strengthening of the Altri Safety CulMre.

• Announcement of The oonveraion of Biotek Yrom BHKP to DWP

  Investment of 75 million euros in the conversion of Biotek'e production. with support from the Portuguese Government in the form of partial investment incentive, granted by AICEP, allowing the achievement ofa production capacity of dissolving fibres of 180 thousand tone/year. The Group thua exceeds 300 tons/year dedicated to celluloeic specialties.

  » Distribution of' dividends

  At the Shareholders* General Meeting, the distribution of dividends of C61.SM, corresponding to CO.30 per share, was approved based on the results of 2024. This decision demonstrates the Altri Group's commitment to attractive remuneration for its shareholders.

  e Acquisition of' Greenalia Foreet and Greenalia Logistics

  Acquisition of Greenalia Forest, one of the leading companies in the Galician forestry sector, and Greenalia Logistics. taking an imporl:ant strategic step in consolidating its presence in Galicia.

• New Bioepot - Monte Ruivo

lnauguration of a Bioepot in Monte Ruivo. Algarve. repreeenting the Altri Group'a etrategy for biodivereity conservation - AltriDiveraity.

Summer Academy

The Altri Summer Academy welcomed 44 young people who participated in teamwork, solved business cases and adended workshops on insertion in the labour market.

Acquisition ct a majority etake in Aeonio™

Acquisition of a 58.7% majority stake in Aeonio™, a decisive step toward entry into the atate-of-the-art auatainable textiles aector.

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TIME Magazine Ranking for the moet sustainable companies

The third world position in its sector in the ranking ot the 500 moat auatainable companies in the world, prepared by TIME magazine in partnership with Statista.

Publishing/updating plane/policies:

Altri Plan For Gender Equality 2026 Environmental Management Policy Water Resources Management Policy

Forest Management and Supply of Wood Policy Occupational Health and Safety Policy

LOOP Design Awards 2025

Caima Go-Green ia recognised for the architectural design of the waste biomass plant as an international benchmark in industrial deaign.

National Sustainability Day

Strengthening the importance of collaboration between partners and sectors ina common journey to reduce impacts and create solutions through knowledge sharing, beet practices, and innovation toward Net-Zero.

E8G Rating - Eeovadia

Platinum Medal. for the 3rd consecutive year. The ranking of 87 pointe in100 puts Altri in the top 1% of the Pulp,

Paper and Cardboard Production sector.

2" Safety and Health Convention

Thia coiwention united workers and external stakeholders, during which accident indicators and initiatives under the Security Commitment were presented, emphasising the importance of prevention and adopting safe behaviours.

Altri Foreet Operationa Awarda

Distinction of suppliers that stood out most in 2024, for operational performance in the field, high standards of quality. safety and sustainability in forestry operations.

Daily Fored Webeeriee

A project that gives visibility to auatainable foreat management practices and that brings together owners and technicians, showing how knowledge, proximity and commitment contribute to a living forest.

Meeting of forest owr›era

Altri Florestal promoted the Meeting of Forest Owners —a moment of proximity and knowledge sharing.

ESG Risk Rating - Morningstar Suetainalytice

With its best-ever Rating acore of 11.1, Altri reinforces its status aaa low-risk ESG company, consolidating its position aaa safe irwestment.

Altri Group, through Biotek, ieauee 50 M€ in green bande

Financing of 50 MC in Green Bonde through the bank Caixa Geral de Depóaitoa, with a maturità of up to 8 years. was fully subscribed by the bank and ia intended to finance the conversion of Biotek*s production.

Additional refinancing of 100 M€ of debt

During 2025. bond loana due in 2025 totalling C110M were settled. In addition to the 50 MC of Green Bonda iasued by Biotek, a new debt of 100 MC waa negotiated, with a deadline by 2033.

CDP A liet 2025 - Climate

Recognition aa a global leader in the dissemination of information related to climate change. Being part of A Liat meana being among the 4°4 of top-ranked companies worldwide.

APCE Communication Grand Prize

Distinction in the category "Internal Event for up to 250 people”, with Altri Breakthrough 2024. Thia event promoter atrate9ic aliqnment, internal communication and orqaniaational culture.

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Altri has been ranked the 3rd most sustainable company in its sector in the global ranking of the 500 most sustainable companies by TIME/Statista, consolidating its position among the benchmark organisations in ESG performance.

In addition, Altri was recognised among the world’s leading sustainability companies, integrating the CDP A-List for the first time, with A (Climate Change) and A- (Forest and Water) scores. This result reinforces Altri’s commitment to responsible management of natural resources, decarbonisation and environmental transparency.

Altri was again awarded the Platinum Medal of EcoVadis, positioning in the top 1% of the sector.

At the same time, Altri achieved the best classification ever in the ESG Risk Rating by Sustainalytics, with

11.1 points, earning the status of ESG Top Rated company, which distinguishes the 5 companies with the best ESG risk classification in the industry sector “Paper and Forest”.

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Altri is a European group established in February 2005, a leader in the production of cellulosic fibres and in sustainable forest management.

Altri’s value comes from fibre: It produces cellulosic fibres for various applications, from printing and writing paper to domestic papers and the textile industry.

Altri currently owns three industrial units, Biotek, Caima, and Celbi, which together achieve a production capacity exceeding 1 million tonnes per year.

Altri is a strategic partner in Sustainability.

Altri works daily with its partners to drive innovation, efficiency and responsible growth, promoting development models that generate economic value in balance with business sustainability and the protection of the planet.

Altri assumes sustainability as a structuring commitment, integrating it into the strategy, operations and decisions that shape its contribution to a more renewable future.

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‌Altri organises its operations around four strategic axes that drive value and integrate sustainability into its business model. These axes reflect the Group’s main priorities, from responsible forest management to valuing people, supported by operational excellence, technological innovation and sustainability affirmation as a differentiating factor.

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Altri’s business model has the main objective of creating long-term value in line with sustainability criteria. The Group recognises that its success depends on the well-being of society and the preservation of natural resources, and responsible management is a key element in ensuring this balance. Thus, to transparently demonstrate how it creates value, from the resources it mobilises to the results it achieves, it is essential to present an integrated vision of its activities.

In addition to creating value from the resources used, Altri’s business model delivers concrete benefits for key stakeholders, namely customers, investors, local communities, employees, and suppliers.

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‌Altri’s operations are based on a fully integrated value chain that combines responsible forest management with efficient industrial production and the delivery of sustainable products to customers across various markets.

Relations with stakeholders upstream and downstream of the value chain are based on long-term partnerships, supported by clear sustainability criteria and consistent monitoring and evaluation mechanisms. This approach allows the Group to mitigate risks, respond effectively to regulatory and market

requirements, and align the entire value chain with the objectives set out in the Commitment 2030.

The following infographics present this value chain in a clear, sequential way, from the management of forest areas that provide raw materials, through the industrial operations that transform these resources into cellulosic fibres, to the distribution stages that ensure the delivery of final products to customers.

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Altri integrates a robust and interconnected industrial and forestry chain, guided by a common goal: To transform renewable natural resources into sustainable value, actively contributing to a more renewable, prosperous and balanced world.

As a reference group in the cellulosic fibre and sustainable forest management sector, Altri promotes new paradigms based on responsible innovation, resource efficiency, and positive impact throughout its value chain.

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The governance structure of Altri consists of the following bodies, responsible for the strategic and holistic management of the organisation:

General Meeting

Manuel Cavaleiro Brandáo [ President]

Maria Caba¿os [ Secreiary]

Remuneration Committee

Board of Directors

Supervisory Board

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Joao Natâria [President] Pedro Pessanha [Member] André Pinto [Member]

Non—Executive Directors

AIbe to Castro (i) [President] Paulo Fernandez [Vice-President]

JoâcBocesdeOñeio [Fo Peédent]

Domingos de Mates

Laurentina Martins

Petro Borges 0 OJveira

• Maiia do Caimo Oliveira (i)

• Paula Pimentel (i)

Executive Committee Directors

Jos% Soares de Pina [ President I CEO] Carlos Van Zeller [Vice-President I COO]

• Miguel Silva [CFO] Miguel Silveira [ Foiest]

  Joao Pereiia [Commercial]

  Soda Reis Jorge [ People, Sustainability, Risk and Communication ]

  Jorge Marrâo [ President] Pedro Pessanha [Member] Ana Paula Pinho [ Member] André Pinto [AlternatMeember]

  External Auditor

  E&Y- Pedro Borges Marquee

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  Corporate Governance Committee

  Ethics Committee

  Sustainability, Audit & Risk Committee

  Company Secreary

  Compliance Officer

• Alberto Castro [ Presides]

• Paulo Fernandos

• Joao Borges de Oliveira

• Maria do Carmo Oliveira

• Paula Pimentcl

• Laurentina Martins [ Piesident]

• Paula Pimentel [Vice-PiesidentJ

  ° Jorpe Marrao

  ° Pedro Pessanha

• Sofia Reis Jorpe

• Raquel Rocha Carvalho

• Maria do Carmo Oliveira [President]

• Paula Rmentel AbekoCasbo VaMendonja

• Sofia Reis Jorge

• Raquel Rocha Carvalho

Internal Auditor

° Raquel Rocha Carvalho

° Sérpio Silva

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Investors are showing increasing interest in companies’ sustainability information, including the existence of clear and measurable Climate Transition Plans.

In 2025, investor engagement gained renewed relevance in the business context, driven by a more demanding regulatory environment and increased scrutiny of organisations’ sustainability performance. The increased demands for transparency, integrity of ESG data, and coherence between commitments and results made this year particularly remarkable for the relationship between Altri and its financial stakeholders.

This strengthening of attention stems not only from the obligations imposed by the new European Sustainability Reporting Directive (CSRD), but also from the growing expectations of markets, rating agencies and analysts regarding responsible business practices. At the same time, the focus on the energy transition — with clear, measurable and auditable plans — has become central to the risk and value assessment of companies In response to this new context, Altri reinforced its internal reporting processes, strengthened the robustness of its data, and deepened transparency in its climate commitments, including through the implementation of the Climate Transition Plan and continuous updates to its path toward Net Zero.

Transparency and Rigour in Sustainability Information

Investors show growing interest in rigorous, auditable, and comparable ESG data. In 2025, Altri reaffirmed the need for consistent metrics, supported by structured data collection, validation, and reporting systems. The evolution of ESG ratings began to be observed in greater detail, reflecting the frequent interactions between Altri and its reference analysts.

The dialogue with investors highlighted the need to clarify methodologies, ensure consistency across reporting years, and reinforce the explanation of the factors that influence rating improvements or variations. These aspects were discussed throughout the year with the Investor Relations Department,

underscoring the growing importance of sustainability as a critical factor in financial valuation.

Verifiability and Regulatory Compliance

The full introduction of CSRD represented a milestone in corporate reporting. Investors now demand information aligned with the European Sustainability Reporting Standards (ESRS), with a strong focus on Double Materiality, data traceability and integrated impact, risk and opportunity assessment.

This requirement reinforces investor confidence, ensuring that the information provided by Altri meets international standards and accurately reflects its environmental, social and governance performance.

Reinforcement of ESG Data Systems

To respond to increased investor requirements, Altri has consolidated its internal processes for collecting and validating environmental, social, and governance data. The monthly monitoring mechanisms for key indicators have been strengthened, as has the integration of systems that ensure consistency, traceability, and reliability. This reinforcement allows reported data to accurately reflect the company’s actual performance, strengthening market confidence.

Implementation of an Energy Transition Plan Aligned with Science

In 2025, Altri advanced its Climate Transition Plan, aligning decarbonisation efforts into a clear, results-oriented structure. The plan integrates goals approved by the SBTi, multidimensional strategic programs, and periodic updates on progress, allowing investors to assess progress transparently.

Governance and Continuous Dialogue with the Market

An open, consistent and transparent dialogue characterised investor involvement throughout 2025. Altri maintained regular communication through roadshows, bilateral meetings, presence at international investor conferences, results presentations, and ESG insights sharing. The articulation between the

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Sustainability, Financial and Investor Relations areas reinforced the ability to respond to market concerns and demonstrated an integrated approach across strategy, operations and ESG performance.

In 2025, sustainability consistently established itself as a structural pillar in the relationship between Altri and its investors. The strengthening of analytical rigour, combined with more stringent regulatory requirements, contributed to enhancing the quality and transparency of dialogue, enabling the company to consolidate its position as a responsible, credible and firmly committed agent in the climate transition.

The robustness of its data systems, the clarity of the Energy Transition Plan, and its dedication to open and rigorous communication reinforce Altri’s position in the market and strengthen the confidence of its financial stakeholders. This work will continue to deepen in 2026, in line with regulatory developments and rising investor expectations.

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Altri is exposed to a set of uncertainties and constraints arising from the context (internal and external) in which it operates. This may increase risks associated with the group's forestry, industrial, and commercial activities, including significant financial impacts, personal accidents, process safety issues, environmental impacts, asset damage, reputational damage, operational failures, and non-compliance.

Implementing an Internal Control System provides a holistic view of the Group's main risks and opportunities. The Internal Control System enables strategic management within the scope of its risk appetite, thereby increasing the probability of achieving the organisational objectives.

These risks are managed using a Risk Management model that complies with international standards and guidelines (ISO 31000 and COSO - Committee of Sponsoring Organisations of the Treadway Commission), as well as the three-line defence risk governance model.

The objective is to promote integration among strategy, risk management, control implementation, and company governance.

Risk management at Altri is part of a regulatory framework that encompasses policies, standards, and procedures, based on the Risk Management Policy and the Risk Management Governance Model approved by the Board of Directors.

At Altri, the procedures, systems, and governance structure support the Group in managing its risk exposure. Risk management is, therefore, a key part of Altri’s decision-making processes.

The governance model is discussed in greater detail in the Company's Governance Report of this report.

Altri develops a systematic and continuous process for identifying, evaluating, and managing risks and opportunities. This is implemented through three lines of defence to provide reasonable assurance that the Group’s objectives will be achieved while creating and preserving value for stakeholders.

The most significant risks (top risks) identified in the table result from the qualitative assessment (expert judgment) carried out by the first lines of the organisation, already reflecting the residual risk remaining after the mitigation measures or controls defined by the company have been implemented.

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Compliance

Financial

Operational

Strategic

☑ - More significant risks according to risk classification (as per Risk Management Manual)

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‌The best interests of future generations m st be considered in the consumption of cu rent generations.

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SOCIETY

The social dimension assumes respect for human rights and equality of opportunity for all individuals,

n the name ofa fairer society, with social inclusion and an equal distribution of goods.

ENVIRONMENT

The environmental dimension assumes

the implementation of actions that minimise negative impacts in the environment, preserving, protecting and improving

the environmental quality by promoting responsible production and consumption.

ECONOMY

The economic dimension refers to the prosperity of different levels of society and the efficiency

of economic activity, including

the viability of institutions and their activities in generating wealth and promoting decent work conditions.

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TECHNOLOGY

Technology plays a cross—cutting role in relation to the other dimensions since it involves the creation and implementation of solutions across the various spheres of the Sustainability ecosystem. It ensures, in this context the implementation or creation of alternative and sustainable approaches throughout the value chain, with the potential to mitigate negative impacts in the environmental, economic, and social spheres.

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Altri assumes its Sustainability commitments as a relevant agent in the national and international landscape. It actively contributes to the United Nations Sustainable Development Goals (SDGs) and positions itself as a driving partner in addressing global sustainability challenges, aligning its performance with the 2030 Agenda and promoting responsible practices throughout its value chain.

In this context, Altri is a member of BCSD Portugal and the United Nations Global Compact, reinforcing its active involvement in reference networks that promote knowledge sharing, alignment with international best practices, and collective action in the field of corporate sustainability.

The United Nations 2030 Agenda defines 17 Sustainable Development Goals (SDGs) that serve as a global model for sustainable development. Altri is committed to contributing to these objectives and has assessed how its strategy and business activities align with and impact the SDGs.

The evaluation involved mapping the SDGs to which Altri has the greatest potential to contribute, outlining the Commitment 2030, and identifying the main goals associated with each objective.

In 2025, Altri continued implementing the Commitment 2030. This Commitment, based on the United Nations SDGs, guides our principles and actions to achieve the Group’s ambitions by 2030, with full support from the Sustainability, Audit & Risk Committee and the Executive Committee.

To obtain a comprehensive overview of each objective, together with the associated targets and initiatives and the sustainability vision, please refer to the Sustainability Statementchapter of this Report.

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The sustainability strategy in 2025 was based on strengthening the Commitment 2030, focusing on key indicators such as water, energy, emissions, waste, safety, and forest management, which were widely monitored throughout the year.

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SUSTAINABLE FORESTS AND BIODIVERSITY

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traceability via WoodCG!

DECARBONISATION

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EFFICIENT RESOURCE

MANAGEMENT

ReAxzton of specific water use Mpt VBPFIOn OfgOP¥C lODd

SAFETY AND WELL-BEING

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ESG DATA MATURITY

Focus on regulatory alignment, partx:ubrIy with double mata«dity arch the new CSRD cuocu o.

vakxisatioa and retnf¢xcement:

of enew@ e erwgy

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REPORT AND

OPINION OF THE

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In 2025, the Group reviewed its Double Materiality analysis. Following the methodology described in Description of Processes for Identification and Evaluation of Impacts, Risks and Material Opportunities, the evaluation revealed that nine of the ten thematic standards of ESRS stand out for their impact on society and the environment, as well as their financial relevance to the business. The topics were considered material whenever they demonstrated significance in at least one of these dimensions — or, in both — resulting in a clear and integrated reading of the strategic priorities that guide Altri’s commitment to sustainability.

This concept seeks to identify significant impacts, real or potential, on society and the environment, in the short, medium or long term, associated with the operations of an organisation and its upstream and downstream value chain. The evaluation also includes all risks and sustainability opportunities that may

negatively or positively affect the development, performance and/or position of the Organisation, in the short, medium or long term, and as such increase or decrease its business value.

During the process, more than 200 internal and external stakeholders were consulted, each sharing their vision of the Altri Group. In the following scheme, the main stakeholder groups identified during this process are represented, along with the objectives of the relationship and their interconnection with the Group strategy.

The auscultation process showed a high degree of alignment between internal and external stakeholders on the main ESG topics, and these contributions were considered in the identification and prioritisation of impacts, risks and opportunities.

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In 2025, the Altri Group completed the acquisition of a majority stake in AeoniQ™, a decisive step towards entering the sustainable textiles sector. Altri’s investment will enable the development of the first AeoniQ™ industrial unit at the Caima facilities and reinforces its strategic vision of diversification into high value-added, low environmental impact cellulosic applications. The AeoniQ™ product offers distinctive features, such as:

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In 2025, total pulp production reached 1,087.1 thousand tons, an increase of 1.1% compared with 2024. Total pulp sales volume in 2025 amounted to 1,059.4 thousand tons, 1.8% below the level recorded in the same period of the previous year.

Sales of Dissolving Pulp (DWP) were lower in 2025, when compared with the previous year. This effect is explained by several factors, mainly: (i) greater availability of DWP in the global market due to an increase in supply from a Latin American producer, who is in the process of vertically integrating this excess production, which may eventually reverse this impact; and (ii) some delays in the qualification of Altri Group’s DWP with certain new customers, mainly due to logistical constraints.

Operating indicators (2025)

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In terms of end use, Tissue continues to be the main destination for cellulosic fibers produced by the Altri Group, with a weight in total sales volume of 48% in 2025. With the increase in dissolving pulp (DWP) production at Biotek, we should see a trend of growth for this segment in the total weight of volumes sold, considering that Biotek’s current focus is on the qualification of DWP across multiple clients. In regional terms, Europe (including Portugal) accounts for 59% of sales, followed by the Middle East and North Africa with 29%, Turkey being the main destination in this geographical segment.

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The commitment to operational excellence, one of Altri’s strategic axes, demands continuous improvement, enabling the achievement of competitive advantage and the consistent strengthening of Altri’s position across its value chain. This commitment is reflected in consistent actions implemented daily across Altri’s operations and managed through the Altri Operating System (AOS).

This culture established within the Altri Group encourages all employees to participate, identify improvements in their daily activities, and solve issues at their source. Encouraging communication and collaboration across the various areas and sharing best practices and lessons learned represent the true Altri mindset.

Through the Altri Operating System (AOS), alignment of priorities across the Group’s three industrial units is ensured, fostering internal communication and guaranteeing the implementation and prioritisation of strategic decisions. The speed of adaptation to the use of these tools demonstrates the deep-rooted culture of continuous improvement within the Altri universe.

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methodology for aligning improvement actions with the company’s strategic objectives. In 2025, new improvement priorities were defined.

Altri Operating System Magazine

Internal publication that ensures knowledge sharing, frames strategic initiatives, and strengthens an organisational culture based on transparency, learning, and continuous improvement.

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SAFETY COMMITMENT

At Altri, safety is not just an operational priority — it isa core, non-negotiable value in our organisational culture.

With the adoption of the Hoshin Kanri methodology in 2021, we formally assumed the strategic commitment to achieve zero accidents. This objective integrated the Group's strategic deployment, puidinp decisions, investments and behaviours in all units.

In 2025, we reinforced this ambition with a renewed Safety Commitment, collective and cross-cutting, consolidating the evolution of our preventive model and strengthening accountability across the organisation.

This commitment is based in three fundamental pillars:

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Shared responsibility

Safety is a shared responsibility, embraced in all areas and hierarchical levels. Each collaborator is an active preventive agent.

Safety does not belong exclusively to technical and operational teams — it is an organisational commitment.

Because of that, we involve areas like Procurement, Finance, Risk, IT and Logistics to review processes and implement new practices, ensuring that prevention is integrated in the business's structural decisions.

Integrated initiatives

All safety actions were consolidated in a single plan, structured in four axes: Culture and Safety, Cross-cutting Initiatives, Operational Safety and Technical Measures.

This integration ensures strategic coherence, avoids duplication, promotes alignment among units and reinforces the efficiency of the preventive system.

We operate like a single Group, with harmonised principles and practices.

Swift and effective action

We reinforced the responsiveness to different critical points, promoting the harmonisation of proceedings, the acceleration of processes’ digitisation, the reinforcement of training and the normalisation of practices.

The ability to identify and mitigate risks quickly is key to reducing the likelihood and severity of incidents.

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