Investor Presentation (update – May 2026)

2026 • Investor Presentation • 1

ALTRI OVERVIEW

Key highlights

Key numbers

ROCE:

Cash Div. Yield

AVG

2017-2025

16.3%

6.2%

Revenues

EBITDA EBITDA mg

2025

EUR 703 M

EUR 94 M

13.4%

1.

Market Cap € 1.0 bn

Floated in Lisbon's Euronext since 2005

2.

75.6% Reference Shareholders

24.4% Free Float

3.

1. Europe's most efficient HW Pulp Producer

2. Top Ranked in Sustainability in the Industry Worldwide

3. Diversifying into sustainable textile fibers and Bioproducts

ALTRI OVERVIEW

Key assets

Three fiber mills (2027E)

1 150 000 tons/year

1 BEKP mill

850k tons/y

Celbi

2 DWP mills

300k tons/y

Caima (115k tons/y) & Biotek (185k tons/y)

Forest area under management (2025)

102 595 ha

of which

12 000 ha

are conservation areas

1.

2026 • Investor Presentation • 4

The global BHKP* market enjoys secular growth drivers

*BHKP: Bleached Hardwood Kraft Pulp

Global demand for BHKP is expected to increase about 0.7M tons/year until 2028

BHKP Global Demand

47

45

43

41

39

37

2025E 2028E

*equivalent to an average c. 0.7 M tons/year in the 2025-2028 period

Source → PPPC´s Chemical Market Pulp Forecast 2025-2029 (Nov. 2025).

The increase is driven by Tissue, Packaging and Specialties

≈2.0 M/ton

until 2028

The average pulp price (BHKP) since 2021 stands at US$ 1,135/ton - sector specialists point for mid-term prices above US$ 1,400/ton*

Average (gross price)

2021- 2025

*included in Hawkins Wright report " The Outlook for Market Pulp - December 2025"

TOP 10 MARKET PULP PRODUCERS

by capacity in 2025

Global demand for DP is expected to grow about a quarter of a million tons/year until 2028

DP Global Demand

9

8

7

2025E 2028E

*equivalent to an average c. 0.2 M tons/year in the 2025-2028 period

Source → Numera Analytics 2025-2029 (December 2025).

The increase is driven by Viscose (VSF) and Lyocell

Dissolving pulp price (DP) averages a premium of 47%

vs BHKP in the last 5y- sector specialists point for a mid-term premium to BHKP of 45%*

Source: FOEX and Zhengzhou Commodity Exchange.

944 US$

Average (net price)

2021- 2025

*included in Hawkins Wright report " The Outlook for Dissolving Pulp - December 2025"

TOP 10 DWP PRODUCERS

by capacity in 2025

Notes: figures in 000' tons. commodity is viscose grade ONLY and excludes fluff pulp

(Data is for actual running capacity). Lenzing includes LD Celulose. APRIL excludes PT Toba

POSITIVE MEDIUM-TERM OUTLOOK

for the P&P industry, despite short term tariffs' tensions

1.

Global Pulp Demand has grown in recent years and is our belief that trend should continue in the near term, led by the Asian region. Although that is our base scenario, we seen some slowdown during the 1H25, more attributable to the US commercial tariffs policy. Already in 2H25 and early 2026 we have seen some normalization with demand levels showing a recovery.

2.

After a difficult pricing environment during the 1H25 related with the tariffs' situation, Pulp Prices have recovered during the second half of 2025 and early 2026, correlated with some recovery coming out of China. Although we are seeing some Asia led recovery in volumes, we see some resistance in price recovery due to additional pulp capacity in China, coupled with additional local wood availability.

3.

Inventories at European Ports remain broadly stable in the past 12 months, currently slightly below the estimated equilibrium level of 1.4M -1.5m.

4.

New capacity investment cycle from LatAm players should only resume by end of 2027-2028. The Chinese market has absorbed the previous new capacity given strong organic market growth in 2023, restocking and market pulp purchases by high-cost integrated players. We have some news of added supply in China during the coming years, likely fully integrated.

5.

Higher growth segments such as textiles and paper packaging, should continue to be a positive factor for market growth prospects.

2.

2026 • Investor Presentation • 13

Operational excellence in the cellulosic fibers business

ALTRI'S ASSETS

Altri has forest area under management in 163 municipalities

Three fiber-production mills (2027E)

1 150 000 tons/year

Celbi Caima

850 000 tons/year 115 000 tons/year

Bleached (BEKP)

Used primarily to produce tissue and printing & writing paper.

Biotek

185 000 tons/year

Dissolving (DWP) Used mostly in textile production.

Forest area under management (2025)

102 595 ha

Of which

12 00 ha

2026 • Investor Presentation • 14

Are conservation areas

DEVELOPING AND RENEWING THE FOREST

Strategy for the conservation and promotion of a

diverse biological landscape

2026 • Investor Presentation • 15

MARKET

altri

Acting in

4 cont

building a more

Sales per Region 2025

Europe 59%

Middle East & N. Africa 29%

Asia 12%

and more than

2026 • Investor Presentation • 16

CONSUMPTION SEGMENTS 2025

STRONG COMMITMENT

to achieve 2030's SDG

COMMITMENT

COMMITMENT AND ALIGNMENT WITH OTHER SUSTAINABLE DEVELOPMENT GOALS

Commitment to reduce the CO2e footprint, with a 51% reduction target by 2030 of GHG emissions (scopes 1 and 2).

Altri is already a World reference in water usage but aims to reach an even higher level with a reduction of 50% by 2030.

Altri's Forest Assets are all certified (FSC® & PEFC ) and we aim to use 80% wood from certified suppliers by 2030 (vs. 57% in 2018).

All units operate fossil fuel free by 2030.

Caima, one Altri's three plants, has already

achieved energy autonomy without the use of any fossil fuel since December 2023.

Double the number of women in leadership positions.

Altri has an ambitious plan to double the natural conservation area under its management by 2030 (from 8,000 ha in 2018), defending the diversity of our environmental heritage.

ESG & SUSTAINABILITY

Altri is at the forefront in terms of environmental transparency by including its carbon footprint and water usage (per ton. of produced pulp) in its invoices.

THE ALTRI GROUP'S SUSTAINABILITY EFFORTS HAVE BEEN RECOGNISED BY EXTERNAL ENTITIES

Rating ESG First Response 2025 Peers

SUSTAINALYTICS

2020 Industry - Paper & Forestry

Scale: 100 to 0

25,2

Medium risk

11,1

Low risk

2nd

out of 71

CDP

Scale: 100 to 0

2021

Climate A Forest A-Water A-

Climate A Forest A-Water A-

Above industry Average

(top 4% globally)

ECOVADIS

2026 • Investor Presenta

tion

Scale: 100 to 0

Platinum Platinum Top 1%

Global

1. Analyse selective opportunities in the pulp space.

2.

Organic growth, debottlenecking and process optimisation .

3.

Focus on specialties and high growth segments, such as textiles and bioproducts.

Achieve cost leadership in Europe.

4.

Secure wood at competitive prices.

5.

Lead the sector sustainability agenda in Europe.

6.

Focus

Growth

KEY PLANS FOR THE FUTURE

3.

1. M&A- AeoniQ (Sustainable Textiles)

2. Biotek conversion into DP

3. Acetic Acid and Furfural

   2026 • Investor Presentation • 22

4. Project Gama (DP+Lyocell)

NEW PROJECTS - Biotek Conversion to DP

NEW PROJECTS - Acetic Acid & Furfual in Caima

M&A - Aquisition of AeoniQTM (58,7% stake)

Entering into

Sustainable Textiles

•

•

Altri acquired a 58.7% stake in AeoniQ

in the 3Q25;

•

Altri's investment, including a capital increase, will support the development of AeoniQ 's

commercial-scale production capacity;

Decisive step in the sustainable textiles sector, reinforcing our strategic vision of diversifying

into high-value, low environmental impact cellulosic applications.

AeoniQ -

Innovation at the core

• AeoniQ is a swiss based company that developed the world's first biodegradable, climate-positive cellulosic filament designed to replace polyester and nylon;

• The AeoniQ platform is set to transform the global textile industry by offering a fully circular, plastic-free alternative that replicates the performance of synthetic fibers-without their environmental impact.

  • As part of the agreement, the world's first AeoniQ industrial plant will be built at Altri's

    fiber unit Caima;

  • Construction scheduled to begin in 2027, with an initial capacity of 1,750/tons per year;

    2026 • Investor Presentation • 25

  • In addition to the existing pilot line in Austria, a pre-industrial unit will be launched in Portugal in late 2026, to accelerate the development of prototypes, brand partnerships, and capsule collections.

M&A - Aquisition of AeoniQTM (58,7% stake)

4.

2026 • Investor Presentation • 27

FINANCIAL PERFORMANCE

affected by lower prices mainly due to lower economic expectations in the Asian

market (US tariffs, etc)

25,5%

13,4%

Revenues -18%

EBITDA -57%

EBITDA mg

-12.1 p.p.

Period

Period

Period

2025

2025

2025

2024

2024

2024

703

855

€M

400 500 600 700 800 900

€M

218

94

0 50 100 150 200

0% 10% 20% 30%

CASH COSTS

Focus on optimizing variable costs, registering reductions

in the last 2 years

Electricity & Natural Gas

The Group has a stable regulatory framework, under the regulated regime since February 2025 at Celbi and May 2025 at Caima, allowing to sell electric energy at a regulated price per MW/h. We maintain a net positive energy balance between the electricity that is produced and consumed.

After a material price inflation during 2022, we saw declining pricing trends in 2023 and a stabilisation during 2024 and 2025.

Chemicals

Chemical costs have continued to trend lower since late 2023/early 2024, given its strong correlation with energy prices. Current pricing level in line with 2024.

HEALTHY FINANCIAL POSITION

With funding provided mostly by domestic banks

Years of Average Maturity

46%

Fixed rate Financial Debt