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