Semapa

Interim / Quarterly Report • Oct 18, 2024

INTERIM REPORT | H1 2024

1

PART 1

MANAGEMENT REPORT

1 HIGHLIGHTS

THE SEMAPA GROUP INVESTED 324 M€ IN THE FIRST HALF OF THE YEAR STRENGTHENING ITS POSITION AS AN INDUSTRIAL INVESTMENT GROUP COMMITTED TO THE PORTUGUESE ECONOMY WHILE STIMULATING ITS INTERNATIONALIZATION WITH A SIGNIFICANT ACQUISITION IN THE UNITED KINGDOM

75% OF REVENUE CORRESPONDED TO EXPORTS AND SALES ABROAD TOTALING 1 079 M€

EBITDA AMOUNTED TO 379 M€ WITH A GROWTH OF 14%

NET PROFIT REACHES 132 M€

• As part of its diversification and growth strategy, the Semapa Group invested 324 million euros in the first half of 2024, of which 175 million euros in financial investments, in line with the strategic plans of the various subsidiaries. Navigator and the Semapa Group has set foot in a new country, the United Kingdom, through the successful acquisition of Accrol Group Holdings plc (Accrol) on 24 May. Accrol, currently known as Navigator Tissue UK, is a key player in the tissue paper converting segment in the UK (4th position), producing own-brand toilet rolls, kitchen rolls and facial tissues for most of the major retailers in the UK. The Offer valued Accrol's equity at approximately 153 million euros.
• In regard to investments made in fixed assets in the first half of 2024 the value amounted to approximately 149 million euros, against 143.7 million euros over the same period of the previous year, with particular emphasis on Navigator amounting to 93 million euros (41 million of which are sustainable investments) and Secil with 47.3 million euros. ETSA continued to invest in the construction of a new plant in Coruche, where it plans to produce a range of substantially more premium products than the current range, called ETSA ProHy, as a result of strong investment in innovation, and Triangle's has vamped up its highly automated e-bike frame production capacity from 250 000 to 300 000 frames.
• In the first half of 2024, the Semapa Group recorded consolidated revenue of 1 438.5 million euros (+7.0% vs. 1st semester of 2023). In the period under analysis, 1 065.5 million euros were generated in Navigator (Pulp and Paper), 345.8 million euros in Secil (Cement), and 27.8 million euros in Other Business. Exports and sales abroad for the same period amounted to 1 079.0 million euros, accounting for 75.0% of revenue.

All of the business areas contributed to the increase in the Group's revenue: at Navigator (+8.8%), driven mainly by the increase in paper (+10.5%) and tissue (+41% - this evolution benefited from the integration of Accrol on 1 May 2024 and Navigator Tissue Ejea in Q2 2023) revenue; at Secil (+1.7%), by the positive development in Portugal (+7.9%), which more than offset the less positive developments in other markets and Other Businesses (+11.3%), thanks to the contribution of Triangle's, acquired at the end of June 2023.

EBITDA in H1 2024 totalled 379.1 million euros (+14.4% vs. 1st semester of 2023). In that period, 298.8 million euros were generated in Navigator, 76.5 million euros in Secil and 2.2 million euros in Other Business. The consolidated EBITDA margin of 26.4% was 1.7 p.p. over that in the same period of 2023.

The increase in EBITDA was driven by the positive performance of Navigator (+18.1%) and Secil (+7.0%), offsetting the fall in Other business. At Navigator, the focus on efficiency and cost management, the positive evolution of demand for printing, packaging and tissue paper and the level of pulp prices made it possible to achieve good results. EBITDA in the Cement segment performed well, as a result of the contribution of business in Portugal, Brazil and Tunisia, which offset the less positive performance of business in Lebanon.

• Net profit attributable to Semapa shareholders at the end of the first half of 2024 stood at 131.8 million euros (vs. 107.6 million euros in the first half of 2023).
• At the end of H1 2024, consolidated interest-bearing net debt stood at 1 127.2 million euros, 115.2 million euros more than that at the end of 2023. As at 30 June 2024, total consolidated cash and equivalents amounted to 247.7 million euros, in addition to committed and undrawn credit lines for the Group, thus ensuring a strong liquidity position.
• In July, the rating agency Sustainalytics scored Navigator again as a low-risk company for investors, placing it at the top of the list of companies with the lowest ESG risk, on the lower fringe of the "low" risk level, with the vast majority of material issues presenting negligible risk. Navigator is thus 1st among 85 global companies in the Paper & Forestry industry cluster and also 1st among 63 Paper & Pulp companies and in the top 5% of more than 16 200 companies worldwide in all business segments.
• At Semapa, Talent Management is deemed strategic alongside investment and innovation. In the first half of 2024, the Group carried out a number of actions aimed at aligning and keeping leadership up to date. This is the case with the Talent Summit, which gathers all executives for aligning the strategy of the Year for Talent, the Future Proof Leadership Programme, which has trained all the top managers of the Semapa Group (around 120), in collaboration with a business school, and the Vitamin AI Programme (1st edition), an initiative with all Group leaders, which aims to enhance knowledge and use of generative artificial intelligence. In the first half of the year, the Talent Review was held. Semapa holds this event every year to provide in-depth insight into the performance and potential of the Group's leaders and convey a Group perspective on their development.
• The Semapa Foundation Pedro Queiroz Pereira is a philanthropic project of the Semapa Group that was established on 29 May 2024 as mean of institutionalizing its corporate social responsibility and sustainability policy, also meeting the Sustainable Development Goals contained in the United Nations 2030 Agenda, with an initial strategy of action focused on supporting Social Protection and Education. The initial allocation is 10 million euros, to be made in three instalments, the first of 4 million euros to be delivered this year, and two instalments of 3 million euros each, to be delivered by the end of 2026 and by the end of 2027, respectively.

IFRS - accrued amounts (million euros)	H1 2024	H1 2023	Var.	Q2 2024	Q2 2023	Var.
Revenue	1 438.5	1 344.2	7.0%	723.3	669.1	8.1%
EBITDA EBITDA margin (%)	379.1 26.4%	331.3 24.6%	14.4% 1.7 p.p.	208.4 28.8%	164.5 24.6%	26.7% 4.2 p.p.
Depreciation, amortisation and impairment losses	(116.0)	(102.7)	-12.9%	(59.3)	(53.5)	-10.8%
Provisions	(2.5)	(3.7)	32.0%	(1.4)	(2.9)	52.0%
EBIT EBIT margin (%)	260.6 18.1%	224.9 16.7%	15.9% 1.4 p.p.	147.7 20.4%	108.0 16.1%	36.7% 4.3 p.p.
Income from associates and joint ventures Net financial results	1.8 (28.6)	1.2 (33.3)	46.4% 14.0%	(0.9) (7.4)	(0.0) (20.4)	<-1000% 63.5%
Profit before taxes	233.7	192.8	21.3%	139.4	87.6	59.0%
Income taxes	(56.3)	(46.1)	-22.0%	(28.1)	(18.6)	-51.4%
Net profit for the period Attributable to Semapa shareholders Attributable to non-controlling interests (NCI)	177.5 131.8 45.7	146.6 107.6 39.0	21.0% 22.5% 17.0%	111.2 83.6 27.7	69.1 50.6 18.4	61.1% 65.1% 50.0%
Cash flow	296.0	253.1	17.0%	171.9	125.5	37.0%
Free Cash Flow	(18.5)	(162.5)	88.6%	(58.0)	(194.2)	70.1%
	30/06/2024	31/12/2023	Jun24 vs. Dec23			Var.
Equity (before NCI)	1 547.3	1 471.4	5.2%
Interest-bearing net debt	1 127.2	1 012.0	11.4%
Lease liabilities (IFRS 16)	156.8	104.0	50.8%
Total	1 284.0	1 116.0	15.1%

LEADING BUSINESS INDICATORS

2 PERFORMANCE OF THE SEMAPA GROUP BUSINESS UNITS

2.1. BREAKDOWN BY BUSINESS SEGMENT

2 PERFORMANCE OF THE SEMAPA GROUP BUSINESS UNITS
2.1. BREAKDOWN BY BUSINESS SEGMENT
IFRS - accrued amounts (million euros)	Pulp and Paper		Cement		Other business		Holdings and Eliminations		Consolidated
	H1 2024	24/23	H1 2024	24/23	H1 2024	24/23	H1 2024	24/23	H1 2024
Revenue	1 065.5	8.8%	345.8	1.7%	27.8	11.3%	(0.6)	-992.5%	1 438.5
EBITDA	298.8	18.1%	76.5	7.0%	2.2	-68.5%	1.6	682.8%	379.1
EBITDA margin (%)	28.0%	2.2 p.p.	22.1%	1.1 p.p.	8.0%	-20.3 p.p.	-	-	26.4%
Depreciation, amortisation and impairment losses	(81.0)	-13.0%	(27.3)	6.2%	(7.5)	-326.1%	(0.1)	-9.4%	(116.0)
Provisions	0.2	119.2%	(2.8)	-14.2%	-	-	-	100.0%	(2.5)
EBIT	218.0	21.1%	46.4	16.2%	(5.3)	-200.0%	1.5	471.2%	260.6
EBIT margin (%)	20.5%	2.1 p.p.	13.4%	1.7 p.p.	-19.1%	-40.4 p.p.	-	-	18.1%
	-	-	(0.1)	-348.8%	-	-	1.8	56.3%	1.8
	(10.5)	-23.2%	(13.9)	37.9%	(0.4)	<-1000%	(3.9)	-60.2%	(28.6)
Income from associates and joint ventures
Net financial results				84.2%	(5.7)	-207.9%	(0.6)	66.8%	233.7
Profit before taxes	207.5	21.0%	32.5					103.2%	(56.3)
Income taxes	(54.2)	-36.9%	(4.2)	-235.6%	1.8	539.8%	0.3
Net profit for the period	153.3	16.2%	28.3	36.6%	(3.9)	-179.7%	(0.3)	97.6%	177.5
Attributable to Semapa shareholders Attributable to non-controlling interests (NCI)	107.3 46.0	16.2% 16.2%	28.6 (0.3)	33.8% 52.8%	(3.8) (0.1)	-179.6% -187.5%	(0.3) -	97.6% -	131.8 45.7
Cash flow	234.1	14.2%	58.4	11.7%	3.6	-45.1%	(0.1)	98.9%	296.0
Free Cash Flow	(24.6)	-353.2%	25.1	-23.0%	4.3	722.5%	(23.3)	88.6%	(18.5)
Interest-bearing net debt	664.5		264.7		10.9		187.1		1 127.2
Lease liabilities (IFRS 16)	115.8		39.5		1.0		0.5		156.8

2.2. NAVIGATOR - PULP AND PAPER BUSINESS UNIT

% of consolidated total

HIGHLIGHTS IN 2024 (VS. 2023)

• Navigator revenue totalled 1 066 million euros, up by 9% on the same period last year.
• The increase was mainly driven by the positive developments in the volume of paper and tissue sales alongside the level of pulp prices.
• The significant year-on-year growth in tissue sales benefited from new capacity delivered through the integration of Accrol, now called Navigator Tissue UK, on 1 May 2024 and of Navigator Tissue Ejea in the 2nd quarter of 2023.

1 065.5

REVENUE BREAKDOWN BY SEGMENT

• EBITDA amounted to 299 million euros (+18% year on year). EBITDA margin stood at 28% (+2.2 p.p. year on year).
• The focus on efficiency and cost management, the positive evolution of demand for printing, packaging and tissue paper and the level of pulp prices made it possible to achieve good results.

IFRS - accrued amounts (million euros)	H1 2024	H1 2023	Var.	Q2 2024	Q2 2023	Var.
Revenue	1 065.5	979.5	8.8%	529.1	478.3	10.6%
EBITDA EBITDA margin (%)	298.8 28.0%	253.0 25.8%	18.1% 2.2 p.p.	165.5 31.3%	122.3 25.6%	35.3% 5.7 p.p.
Depreciation, amortisation and impairment losses	(81.0)	(71.7)	-13.0%	(41.7)	(36.4)	-14.3%
Provisions	0.2	(1.3)	119.2%	0.2	(1.3)	119.2%
EBIT EBIT margin (%)	218.0 20.5%	180.0 18.4%	21.1% 2.1 p.p.	124.0 23.4%	84.6 17.7%	46.7% 5.8 p.p.
Net financial results	(10.5)	(8.5)	-23.2%	(1.6)	(5.8)	71.8%
Profit before taxes	207.5	171.5	21.0%	122.4	78.8	55.4%
Income taxes	(54.2)	(39.6)	-36.9%	(30.4)	(15.8)	-93.0%
Net profit for the period Attributable to Navigator shareholders Attributable to non-controlling interests (NCI)	153.3 153.3 0.0	131.9 131.9 0.0	16.2% 16.2% -47.6%	92.0 92.0 (0.0)	63.0 63.0 0.0	46.0% 46.0% -110.5%
Cash flow	234.1	204.9	14.2%	133.4	100.7	32.4%
Free Cash Flow	(24.6)	9.7	-353.2%	(70.8)	(21.1)	-235.1%
	30/06/2024	31/12/2023
Equity (before NCI)	1 074.7	1 062.7
Interest-bearing net debt	664.5	489.9
Lease liabilities (IFRS 16)	115.8	70.0
Total	780.2	559.9

LEADING BUSINESS INDICATORS

Note: Figures for business segment indicators may differ from those presented individually by each Group, as a result of consolidation adjustments.

LEADING OPERATING INDICATORS

in 1 000 t	H1 2024	H1 2023	Var.	Q2 2024	Q2 2023	Var.
BEKP Pulp
FOEX – BHKP Usd/t	1 254	1 200	4.5%	1 369	1 071	27.9%
FOEX – BHKP Eur/t	1 160	1 111	4.4%	1 272	983	29.4%
BEKP Sales (pulp)	181	216	-16.2%	71	124	-42.6%
UWF Paper
FOEX – A4- BCopy Eur/t	1 106	1 289	-14.2%	1 115	1 252	-10.9%
UWF Sales (paper)	673	533	26.2%	319	260	22.9%
Tissue
Total sales of tissue	94	61	53.8%	56	37	50.4%

NAVIGATOR ACTIVITY OVERVIEW

In H1 2024, Navigator revenue totalled 1 066 million euros, UWF paper sales accounting for approximately 61% of the revenue (vs. 61% in 2023), packaging paper sales 4% (vs. 2%), pulp sales 11% (vs. 13%), tissue sales 18% (vs. 15%), and energy sales 6% (vs. 9%).

Paper

In the first half of 2024 (to May) there was a positive trend in demand, essentially driven by the normalisation of stocks in the distribution chain, especially in Europe.

Global apparent demand grew by +1.3% in the first half of the year (YTD May) in all segments, with demand for UWF paper strongest at +1.6% and CWF paper growing by 0.6%, while mechanically produced fibre papers grew by 1%.

In Europe, apparent demand for UWF paper grew by 14.8% in the semester (YTD June), the folio segment having grown the most (20.6%), followed by cut-size office paper (+14.8%) and reels (+10.1%). Navigator's share in the European market grew in the first six months of the year compared to the same period last year.

In the United States, demand was 2.6% lower (YTD May). Despite the fall in demand, Navigator's sales in the United States grew again, as did its market share. Apparent consumption of UWF in the other world regions grew by 0.5% (YTD May), with China recording strong growth of 7.1% (YTD May) compared to the trend of the last 5 years (CAGR 2.9% 19-23).

The benchmark index for the price of office paper in Europe - PIX A4 B-copy - at the end of June stood at 1 112 €/t (vs. 1 105 €/t at the end of March). Since the beginning of the year, the price of office paper has risen by approximately 2%. It should be noted that since November—when the new cycle of price increases began in Europe and in the Overseas markets in June—, the price of Navigator's UWF paper increased by around 4% in Europe, 12% in the Overseas markets and 8% in the total sales mix. It is expected that the announcement of the last increase that began in July will be made in Q3.

The European industry's capacity utilisation (production/capacity) recorded an average utilisation rate of 87% in H1, with Navigator operating above the industry average at 92%. Furthermore, Navigator ended the first half of the year with an adequate level of stocks, which will allow it to cope with the market conditions previously anticipated for the third quarter, when a more pronounced negative seasonal effect compared to previous years is expected to occur.

Navigator sold in total 673 thousand tonnes of printing and packaging paper in the first half, representing year-onyear growth of 26%. Revenue grew by 11%. Factory brands accounted for nearly 77% of sales in the semester (vs. an average of 67% recorded in 2012-2023), highlighting the resilience of the company's brand strategy. The share of premium products remains high compared to 2023, 59% (vs. an average of 53% recorded in the period 2012-2023).

Of particular note is the robustness of the business model based on differentiation, premium products and strong own brands in the different markets where Navigator operates, which has made it possible to increase the price premium compared to the market, as a result of the higher value proposition made, reinforcing the resilience of the paper and printing and writing business model. In more difficult market contexts, own brands and higher valueadded segments offer additional protection to Navigator's results.

Pulp

The hardwood benchmark in Europe - PIX BHKP in dollars - reached all-time highs in the 2nd quarter (1 440 USD/t), the price of pulp rising by approximately 41% since the beginning of the year. Prices in China followed the growth in Europe, reaching 741 USD/t at the end of the quarter, an increase of 14% since the beginning of 2024.

Demand and supply dynamics in the first few months of the year were decisive for positive price developments. In Europe, the performance of the demand in cellulose pulp by final consumers was better than expected, especially in the printing and writing paper industry, where there was a substantial increase in the level of order intake in contrast to the same period last year (+10.7%). The same can be said about tissue (+7.1% in April). In China, the high demand for pulp at the end of 2023 continued into the first half of 2024 due to the new installed paper capacity. On

the supply side, logistical constraints in the Red Sea, and supply pressures in Canada, Finland, Latin America and Asia, as a result of production unavailability, maintenance shut down, capacity closures and logistical constraints, sustain current price levels.

It should be noted, however, that at the end of the half year, demand for hardwood in China slowed down and once the constraints in the early months of the year were overcome, the availability of pulp increased, especially in Europe and the Mediterranean. Nevertheless, demand has been very strong and stocks are still below the historical average of the last 5 years.

In May, stocks in European ports reached 1.3 million tonnes, below the historical average of the last 5 years (1.5 Mt). In China, pulp stocks in June 2024 stood at 1.7 million tonnes, also below the historical average of the last 5 years (1.8 Mt).

In this context, global demand in the first half of the year (in May), compared to the same period of the previous year, grew by 3.9% in bleached chemical pulp (BCP), 6.3% in hardwood pulp (HW), and 10.3% in eucalyptus pulp (EUCA), with emphasis on Europe (+13.6% BCP, +17.8% HW, +16.8% EUCA) and China (-0.6% BCP, +3.7% HW, +11.2% EUCA).

Pulp sales in the first half of the year stood at 181 thousand tonnes, down by 16% on the same period last year, due to the lower volume of pulp available for sale, and a smaller 8% reduction in revenue, due to the significant increase in prices.

Tissue

Tissue paper demand continues to be buoyant, with growth of 3.5% since the start of the year in Western Europe (in April). Positive effects include the recovery of household purchasing power (namely due to lower inflation), alongside growth in the region's tourism sector, with a positive effect on the away-from-home segment.

In the 1st half of the year, Navigator's tissue sales volume amounted to 94 thousand tonnes, an increase of 54% on the same period last year and growth in revenue of around 41%. This performance benefited from the integration of Accrol on 1 May 2024 and of Navigator Tissue Ejea in the 2nd quarter of 2023.

It should be noted that the integration of Accrol, now called Navigator Tissue UK, is in line with the Group's diversification strategy. The entry into the British market through the acquisition of a leading company in the tissue paper processing sector offers competitive advantages and values aligned with those of Navigator.

In the 1st half of 2024, international sales in the tissue business represented a weight of 76% of sales volume, with the Spanish market as the most representative, accounting for 35% of the total sales; the French accounting for 20% of sales; and the English accounting for 18% of sales. On the other hand, finished products accounted for 95% and reels represented 5% of total sales, i.e. an improvement in the mix of 5 p.p. compared to the same period last year.

In regard to the customer segments, the weight of At Home or Consumer (retail) is growing, currently representing about 78% of sales (the remaining 22% accounted for by Away-From-Home and wholesalers). The balanced and diversified portfolio of customers is worth highlighting: customers have increased in number by 6% compared to the same period last year (11% considering the integration of Navigator Tissue UK) and the largest customer accounts accounted for approximately 11% of total sales.

The focus on innovation and differentiation continues to bring recognition to Navigator among its customers, namely through the use of the manufacturer's brand, which in the 1st half of 2024 grew by 29% compared to the same period last year. As part of the hike in manufacturer's brands, sales of innovative products (particularly Super Absorbent Multipurpose and Hygienic Aloe Vera) continue to grow strongly at 16% (35% increase considering Navigator Tissue UK sales). The tissue product portfolio will benefit greatly from the integration of the industrial units in the UK, and will now include wet wipes, wet toilet paper, tissue paper and facial tissue.

Packaging

As the year 2024 began demand showed signs of recovery and the market began operating regularly. After a promising first quarter, the second quarter confirmed the recovery trend with robust and consistent demand.

European deliveries of Kraft MF paper (white and brown) reported by CEPI (to May) grew by 25% compared to the same period in 2023.

Sales in Navigator's packaging segment grew by 90% year on year. Navigator has raised prices in all its markets, justified by rising production costs and better market performance.

The good performance is sustained by the entry into several new segments, above all in Flexible Packaging, in which the company invested in 2023 and began operating in the first few months of the year, currently materialising in more significant volumes. The first half of the year was also characterised by a reduction in dependence on the paper bag segment in favour of the flexible packaging segments. Navigator continues to expand its customer base, which already numbers close to 300 customers through a marketing operation 100% based on its own brand - gKraft™.

Its packaging paper offer is based on three large gKraft™ segments: BAG, FLEX and BOX, which are subdivided into 12 segments for different uses, addressing the bag, flexible packaging and box markets, respectively. The innovative introduction of the properties of eucalyptus fibre has been crucial in securing the wide market acceptance and recognition of these products.

As part of the diversification of the packaging business, progress has continued as planned in the project for integrated production of eucalyptus-based moulded cellulose components, designed to substitute single-use plastic packaging in the food service and food packaging market. The plant construction has begun and it is expected to start producing at the end of Q3 2024 under the gKraft™ Bioshield brand. The facility's capacity will be close to 100 million units a year, making it one of the largest in the world and the first eucalyptus fibre, integrated plant in Europe, taking the company into a fast growing, high-potential market.

It will kick-off with 7 products for the food industry: 22cm plate, 17cm plate (dessert), 500ml bowl, 1 litre take-away box, tray (laminated tray for raw protein - beef, pork and poultry), fruit basket and espresso cup. These 7 products offer production flexibility and scalability in order to exploit the various opportunities opening up for plastic replacement. At the same time, new products have been developed in partnership with national and international customers. Work continues on developing new sustainable barrier property solutions and testing commercial solutions.

Energy

In the first half of 2024, energy revenue totalled 65.1 million euros, which represents a reduction of approximately 28% year on year.

This reduction is essentially due to the fact that the combined-cycle natural gas cogeneration plant in Setúbal is operating with only one group on a self-consumption basis with the sale of surplus to the national grid, whereas last year it operated on a basis of total sale to the market (i.e. without self-consumption).

On the other hand, lower energy invoicing, in contrast, corresponds to lower electricity purchase costs for the purchase volume indexed to OMIE.

The Navigator industrial units remained in the Regulated Reserve Band Market, an important service provided by qualified electricity consumers to the electricity transmission grid operator, intended to help secure energy supply in the National Electricity System, which has already proved fundamental in protecting household consumers and critical users.

EBITDA

The focus on cost efficiency and management, the positive evolution of demand and price level of printing paper, packaging and tissue paper made it possible to achieve the results presented in the first half of the year. Year on year, cash costs in the first half of 2023 have gone down significantly by 6% to 14% in all pulp and paper segments (printing and writing, tissue and packaging).

It should be noted that the 1st half of 2024 was marked by the Red Sea crisis, which led to changes in sea transport routes and generated a global upward trend in freight charges. Notwithstanding, Navigator's costs with sea freight continue to go down, which illustrates the reduction in logistics costs in all business segments.

Total fixed costs ended up higher than in the same period last year, due to the inclusion of the Navigator Tissue Ejea unit and Navigator Tissue UK units, employee profit sharing, higher costs with compensation for rejuvenation and non-recurring costs related to the acquisition of Accrol.

In this framework, Navigator achieved an EBITDA of 299 million euros in the 1st semester (vs. 253 million euros year on year) and an EBITDA margin of 28% (+2.2 p.p. year on year).

The financial results amounted to -10.5 million euros (vs. -8.5 million compared to the same period last year), which reflects an increase of around 2 million euros compared to the same period last year, as a result of the unfavourable evolution of foreign exchange results and other financial costs and income, namely due to higher debt after the acquisition. On the other hand, financing costs remained stable at around 2.2% on average in June, despite the interest rate hike, benefiting from the interest rate hedging policy.

Net income attributable to Navigator shareholders in the first half of 2024 totalled 153.3 million euros (vs. 131.9 million euros in the same period of 2021).

Cash flow generation has remained high, although free cash flow for the half year was around -25 million euros (against approximately 10 million euros in the same period last year), as a result of the high level of Capex in the period (93 million euros) and the investment in the acquisition of Accrol in the 2nd quarter (payment of 153 million euros for the shares and consolidation of additional debt).

In the first half of 2024 total investments in fixed assets had amounted to 93 million euros (vs. 113 million euros in the same period in 2023), 41 million euros of which concerned investments in ESG, contributing positively to reducing future costs, which accounts for 44% of the total investment.

This is mainly made up of investments aimed at decarbonisation, maintaining production capacity, revamping equipment and achieving efficiency gains, and for structural and safety projects. The following are some of the projects in which investments have been made: the new high-efficiency Recovery Boiler in Setúbal, moulded pulp in Aveiro, the new Biomass Lime Kiln in Figueira da Foz; the conversion of the Lime Kiln in Setúbal for the burning of biomass and the new Photovoltaic Power Stations in Figueira da Foz and in Vila Velha de Rodão.

Navigator continues to press ahead with projects under the Recovery and Resilience Plan (PRR), namely projects aimed at the Climate and Digital Transition. For eligible investments under the PRR, an incentive rate of around 40% is envisaged, which corresponds to close to 100 million euros, of which the company received around 21 million euros in 2023 and 3 million in Q1 2024.

In July, the rating agency Sustainalytics scored Navigator again as a low-risk company for investors, placing it at the top of the list of companies with the lowest ESG risk, on the lower fringe of the "low" risk level, with the vast majority of material issues presenting negligible risk.

Navigator is thus 1st among 85 global companies in the Paper & Forestry industry cluster and also 1st among 63 Paper & Pulp companies and in the top 5% of more than 16 200 companies worldwide in all business segments.

The ongoing commitment to strengthening the environmental, social and business governance practices translates into sound management of its exposure to ESG risks, assessed in more than 70 indicators of the Sustainalytics framework, which has helped it to significantly improve its rating since the last assessment (then already Top-Rated).

The indicators assessed key topics related to corporate governance, carbon emission management, waste and effluents, water management, community relations, products and services, human capital, health and safety at work, land use and biodiversity, and stakeholder governance.

SECOND QUARTER OF 2024 VS. SECOND QUARTER OF 2023

Navigator's revenue was 529 million euros (-1% vs. Q1 2024; +11% vs. Q2 2023).

The volume of paper and packaging sales was approximately 319 thousand tonnes (-10% vs. Q1; +23% vs. Q2 2023); revenue decreased by 9% compared to the previous quarter and a correction of 12% year on year.

The volume of pulp sales was 71 thousand tonnes (-35% vs. Q1; -43% vs. Q2 2023), with revenue down by 20% on the previous quarter and 14% on the same period last year. More pulp integrated in paper, packaging and tissue in the quarter, and shutdowns for maintenance meant it was less available for the market.

The volume of Tissue sales was 56 thousand tonnes (+48% vs. Q1; +50% vs. Q2 2023), driven by dynamic demand and the addition of capacity from Accrol, now called Navigator Tissue UK. Revenue increased by 51% compared to the previous quarter and by 41% year on year.

The volume of orders in the packaging segment maintained its upward trend, essentially thanks to: (i) the improvement in demand conditions and (ii) the development of new product ranges in the area of flexible packaging, which allowed the business to diversify and the customer base and markets to grow, reflecting the growing acceptance of Navigator's innovative products based on Eucalyptus fibre. The segment recorded a 90% growth in sales volume this half year compared to the first half of 2023.

In the quarter EBITDA amounted to 165 million euros (+24% vs. Q1; +35% vs. Q2 2023), reflected in an EBITDA margin of 31.3% (+6.3 p.p. vs. Q1; +5.7 p.p. vs. Q2 2023).

2.3. OVERVIEW OF SECIL ACTIVITY

% of consolidated total

HIGHLIGHTS IN 2024 (VS. 2023)

Accumulated Secil revenue in H1 2024 amounted to 345.8 million euros, 1.7% above that in the same period in the previous year, representing an increase of 5.9 million euros.

This increase is the result of positive developments in the Portuguese market, which more than offset the less positive developments in the other markets. The exchange variation of the currencies in the different countries had a negative impact of 1.8 million euros on Secil's revenue.

REVENUE BREAKDOWN BY COUNTRY

Note: Other includes Angola, Trading, Other and Eliminations.

• Consolidated EBITDA amounted to 76.5 million euros, up by 5.0 million euros (+7.0%) compared to the previous year.
• The good performance stems from the very positive contribution of business in Portugal, Brazil and Tunisia, which offset the less positive performance of business in Lebanon.

EBITDA BREAKDOWN BY COUNTRY

Note: Other includes Angola, Trading, Other and Eliminations.

Secil's net financial results improved considerably year on year, from -22.4 million euros in the first half of 2023 to -13.9 million euros in 2024. It should be noted that the same period last year was impacted by exchange losses due to the sharp depreciation of the Kwanza, totalling 3.2 million euros. On the other hand, financing costs in Brazil were 2.8 million euros lower than in the same period last year.

Net income attributable to Secil's shareholders reached 28.6 million euros, i.e. 7.2 million euros higher than in the same period of 2023, as a result of the increase in EBITDA and the improvement in net financial results.

In the 1st half of 2024, Secil invested 47.3 million euros in fixed assets (vs. 25.7 million euros in the same period of the previous year) of which we would highlight the investments in increasing the capacity of the Adrianópolis kiln in Brazil and the purchase of generators for energy self-consumption in Lebanon.

LEADING BUSINESS INDICATORS

IFRS - accrued amounts (million euros)	H1 2024	H1 2023	Var.	Q2 2024	Q2 2023	Var.
Revenue	345.8	339.9	1.7%	182.6	180.5	1.2%
EBITDA	76.5	71.5	7.0%	41.7	39.3	5.9%
EBITDA margin (%)	22.1%	21.0%	1.1 p.p.	22.8%	21.8%	1.0 p.p.
Depreciation, amortisation and impairment losses	(27.3)	(29.1)	6.2%	(14.0)	(16.1)	13.4%
Provisions	(2.8)	(2.4)	-14.2%	(1.7)	(1.7)	-0.5%
EBIT	46.4	40.0	16.2%	26.0	21.6	20.8%
EBIT margin (%)	13.4%	11.8%	1.7 p.p.	14.3%	11.9%	2.3 p.p.
Income from associates and joint ventures	(0.1)	0.0	-348.8%	(0.1)	0.0	-386.1%
Net financial results	(13.9)	(22.4)	37.9%	(5.7)	(12.7)	54.9%
Profit before taxes	32.5	17.6	84.2%	20.2	8.9	126.8%
Income taxes	(4.2)	3.1	-235.6%	1.2	5.9	-79.3%
Net profit for the period	28.3	20.7	36.6%	21.4	14.8	45.1%
Attributable to Secil shareholders	28.6	21.4	33.8%	21.4	15.3	39.8%
Attributable to non-controlling interests (NCI)	(0.3)	(0.7)	52.7%	0.1	(0.5)	112.5%
Cash flow	58.4	52.3	11.7%	37.1	32.5	13.9%
Free Cash Flow	25.1	32.6	-23.0%	22.3	30.9	-27.9%
	30/06/2024	31/12/2023	Var.			Var.
Equity (before NCI)	445.5	429.0
Interest-bearing net debt	264.7	288.1
Lease liabilities (IFRS 16)	39.5	32.4
Total	304.1	320.5

Note: Figures for business segment indicators may differ from those presented individually by each Group, as a result of consolidation adjustments.

LEADING OPERATING INDICATORS

in 1 000 t	H1 2024	H1 2023	Var.	Q2 2024	Q2 2023	Var.
Annual cement production capacity	10 279	9 750	5.4%	10 279	9 750	5.4%
Production
Clinker	1 705	1 725	-1.1%	921	971	-5.2%
Cement	2 556	2 512	1.8%	1 345	1 316	2.2%
Sales
Cement and Clinker
Grey cement	2 474	2 448	1.1%	1 357	1 289	5.3%
White cement	35	37	-4.1%	18	19	-6.9%
Clinker	0	47	-100.0%	0	3	-100.0%
Other Building Materials
Aggregates	2 491	2 365	5.3%	1 235	1 217	1.5%
Mortars	165	148	11.6%	86	74	15.1%
in 1 000 m3
Ready-mix	962	989	-2.7%	503	503	-0.1%

PORTUGAL

The Bank of Portugal (Boletim Económico – June 2024) estimates that economic growth in Portugal in 2024 will be 2.0%. Investment in housing is expected to fall slightly in 2024, in a context in which the construction sector continues to be affected by labour constraints and restrictive financing conditions.

According to the publication by the INE on "Production, Employment and Wage Indices in Construction", in May 2024, the index of production in construction slowed by 1.1 p.p., to a year-on-year growth of 2.0%, as a result of the slowdown in the Civil Engineering segment (which went from 3.3% growth in April to 1.8% in May).

Cement consumption in Portugal in the first half of 2024 is estimated to have grown by about 2% year on year in accumulated terms. The indicator for the number of licensed dwellings, which began the year with negative variation year-on-year, has been registering positive variations since April.

Revenue of combined operations in Portugal stood, in accumulated terms, at approximately 232.4 million euros in H1 2024, i.e. 7.9% growth in the same period of 2023.

Revenue in the Cement business unit in Portugal grew 11.2% (+13.5 million euros) over the same period in the previous year, resulting from the good performance of volumes sold (+6.4%) and an increase in average selling prices.

Export revenue, including Secil's plant terminals, was higher compared to the same period in the previous year (+6.3%), mainly as a result of less quantities sold (-2.5%) and higher average prices (+9.0%).

In the other business units with operations based in Portugal (Ready-mix concrete, Aggregates and Mortars), accumulated revenue in H1 2024 amounted to 109.0 million euros, up by 5.5% year on year, primarily stemming from the increase in amounts of Aggregates and Mortar sold and the positive evolution of average concrete sales prices.

The EBITDA of the activities in Portugal amounted to 57.6 million euros, representing a growth of 3.4% year on year.

EBITDA of the Cement business unit amounted to 53.5 million euros, i.e. higher than that of same period last year by 3.5 million euros (+7.0%), positively impacted by the increase in revenue that surpassed the rise in the production costs.

Overall, the activities of the Terminals presented an EBITDA of 7.3 million euros, which translates into a growth of 15.0% compared to the same period of 2023.

The overall performance of the building materials business was positive, but not as good as in the same period last year, reflecting the competitive pressure on price and volume of the Concrete business. Overall, they posted an EBITDA of 13.5 million euros, representing a reduction of 1.0 million euros (-7.0%), compared to the same period of the previous year.

In addition, EBITDA in Portugal was positively impacted by the sale of assets in Spain (Asturias quarry), which generated a capital gain of 3.4 million euros.

Note: Average exchange rate EUR-BRL 2023 = 5.4820 / Average exchange rate EUR-BRL 2024 = 5.4958

According to SNIC estimates (June 2024 Sector Report), cement consumption in Brazil in the first half of 2024 grew by 1.2% year on year, despite the scenario of high interest rates and household indebtedness and extreme weather events, but benefiting from other factors such as falling unemployment and rising income. In the comparison per working day, the difference was 1.1% compared to 2023.

In contrast, revenue of Secil's operations in this country as a whole fell by 1.0 million euros, also impacted by the depreciation of the Brazilian real to the tune of 0.2 million euros.

The volume of Cement sales grew by 10.5% in comparison with the same period of the previous year, with a 3% drop in average sales price in euros. In addition, Concrete revenue also contributed negatively with a decrease of 10.3% compared to 2023, essentially due to less amounts sold.

The EBITDA of activities in Brazil totalled 16.5 million euros, which compares with 10.8 million euros recorded year on year (i.e. 52.9% increase). In addition to the increase in sales volumes of cement, the result reflects the positive impact of less variable production costs, energy in particular, and, as well as the reduction in the cost of raw materials.

LEBANON

Note: Exchange rate EUR-LBP 2023 = 100 619.2 / Exchange rate EUR-LBP 2024 = 96 776.4

Lebanon is plunged in a serious economic-financial and social crisis. Despite the efforts made by political forces to stabilise the situation, the lingering war in Ukraine and more recently the conflict on the Gaza strip aggravated further an already precarious situation. In addition, the constant power cuts from 2021 onwards have negatively impacted Secil's operations in the country.

In the first half of 2024, revenue fell by 0.9 million euros compared to the same period last year. It should be noted that revenue in the first half of 2023 was impacted by the implementation of IAS 29 in 4.3 million euros, as a result of the high rate of inflation in the local economy, a consequence of the economic, political and social crisis in the country.

The cement segment grew by 22.8%, as a result of the 14.3% increase in quantities sold and the 9.8% rise in sales prices in euros in the first six months.

In the Concrete segment, there was a year-on-year decrease in revenue (-33.3%), as a result of the smaller volumes sold (-29.4%), while price in euros has not changed from 2023.

The EBITDA generated from operations in Lebanon stood at -0.6 million euros, down by 2.6 million euros in relation to the same period last year. Although the quantities of cement sold and the respective average price evolved positively, it was not enough to offset higher production costs, mainly due to the constraints on production caused by the power outages, which forced the purchase of clinker.

TUNISIA

Note: Average exchange rate EUR-TND 2023 = 3.3384 / Average exchange rate EUR-TND 2024 = 3.3752

Tunisia is still facing significant challenges, including high foreign and fiscal deficits, increasing debt and insufficient growth to reduce unemployment. Some social unrest still persists, which may become worse, along with pressure from trade union demands. Government deficit is reflected in public works and the real estate sector faces challenges due to difficulties in obtaining funding (in connection with the fragility of the banking sector), which impacts construction output. The side effects of the war in Ukraine and the Middle East, alongside political instability have made the situation worse.

Notwithstanding the difficult context, the domestic cement market has recovered from the drop in Q1, and in accumulated terms it is slightly above the same period in 2023, although it is still subject to strong competition due to excess installed capacity.

The accident in October 2023 limited Cement operations practically throughout the 1st quarter of 2024, and only got back to normal in March, which impacted the performance in the country.

In the first half of 2024, revenue fell by 8.7 million euros compared to the same period last year, down to 27.8 million euros.

The revenue of the Cement segment decreased by 26.0%, standing at 25.5 million euros, versus 34.5 million euros in the 1st half of 2023. Quantities sold to the domestic market were up by 1.5%, while average prices in euro decreased by 1.7%. In the foreign market, the quantities sold were down by 67.4% year-on-year, and the average price in euros rose by 9.6% as a result of the substitution of clinker for cement sales.

In the Concrete segment, revenue decreased 7.1% year on year, mainly due to less quantities sold (8%) and small increase in average sales prices in euros (1.1%).

Despite the weak performance in revenue, the reduction in production costs, but above all the 2-million-euro insurance compensation gain helped Tunisia to generate an EBITDA slightly above that recorded in 2023 (2.7 million versus 2.6 million euros recorded in the same period of the previous year).

ANGOLA AND OTHERS

According to the latest figures available, the Angolan cement market was up by 2% year on year in the second quarter of 2024. On the other hand, cement volumes sold by Secil fell by 7.5%. Although the average price in local currency performed very well (+47%), in euros it fell by 4.3%. Consequently, revenue totalled 3.9 million euros, i.e. 9.6% below the figure recorded in the same period in 2023, including the negative exchange rate impact of 2.2 million euros.

EBITDA in the first half of 2024 amounted to 322 million euros, which, compared to the 124 thousand euros recorded over the same period in the previous year, represents an increase of 159.0%, resulting from lower fixed costs that made up for the downward trend in revenue.

SECOND QUARTER OF 2024 VS. SECOND QUARTER OF 2023

EBITDA in the second quarter of 2024 was higher than EBITDA in the second quarter of 2023 by around 2.3 million euros (5.9%). The growth in activities in Brazil of 1.5 million euros, in Tunisia of 1.2 million euros and, to a lesser extent, in Portugal (+0.7 million euros) and Angola (+0.5 million euros), outweighed the drop in Lebanon (-1.5 million euros, -99.3%).

EBITDA in Brazil grew by 1.5 million euros thanks to the increase in cement sales (+12.3%) and by lower production costs.

Growth in Tunisia was influenced by the gain of around 2 million euros from the insurance compensation. Were it not for this effect, EBITDA would have been 0.8 million below that in 2023, reflecting the 20% drop in cement sales.

EBITDA in Portugal was positively impacted by the sale of assets in Spain (Asturias quarry), which generated a capital gain of 3.4 million euros, but negatively affected by the restrictions in production due to the planned shutdown in the 2nd quarter of 2024.

2.4. OVERVIEW OF OTHER BUSINESS ACTIVITY¹

HIGHLIGHTS IN 2024 (VS. 2023)

In H1 2024 revenue amounted to approximately 27.8 million euros, up by around 11.3% against the previous year. It should be noted that these figures in 2024 already include 6 months of activity of Triangle's, which was purchased at the end of June 2023.

-68.5%

¹ Other Business includes Triangle's and ETSA business.

LEADING BUSINESS INDICATORS

IFRS - accrued amounts (million euros)	H1 2024	H1 2023	Var.	Q2 2024	Q2 2023	Var.
Revenue	27.8	24.9	11.3%	11.9	10.3	16.0%
EBITDA EBITDA margin (%)	2.2 8.0%	7.1 28.3%	-68.5% -20.3 p.p.	0.8 6.5%	2.4 23.6%	-67.9% -17.1 p.p.
Depreciation, amortisation and impairment losses Provisions	(7.5) -	(1.8) -	-326.1% -	(3.6) -	(0.9) -	-304.3% -
EBIT EBIT margin (%)	(5.3) -19.1%	5.3 21.3%	-200.0% -40.4 p.p.	(2.8) -23.4%	1.5 15.0%	-281.0% -38.4 p.p.
Net financial results	(0.4)	(0.0)	<-1000%	(0.2)	0.0	<-1000%
Profit before taxes	(5.7)	5.3	-207.9%	(3.0)	1.6	-292.1%
Income taxes	1.8	(0.4)	539.8%	0.9	0.2	376.7%
Net profit for the period Attributable to Other business shareholders Attributable to non-controlling interests (NCI)	(3.9) (3.8) (0.1)	4.9 4.8 0.1	-179.7% -179.6% -188.4%	(2.1) (2.1) (0.0)	1.7 1.7 0.0	-220.3% -220.6% -189.0%
Cash flow	3.6	6.6	-45.1%	1.5	2.6	-43.9%
Free Cash Flow	4.3	(0.7)	722.5%	4.0	0.7	457.4%
	30/06/2024	31/12/2023
Equity (before NCI)	154.9	91.0
Interest-bearing net debt	10.9	15.2
Lease liabilities (IFRS 16)	1.0	1.1
Total	12.0	16.3

Note: Figures for business segment indicators may differ from those presented individually by each Group, as a result of consolidation adjustments.

In the first six months of 2024, revenue amounted to approximately 27.8 million euros, up by around 11.3% against the previous year.

Such positive outcome is the result of Triangle's contribution, which more than offset the poor performance of ETSA. The company's sales were down year on year, which is essentially due to the decrease in the average sales price of class 3 meal and less consolidated services rendered as a result of a mix of variations between the different types of services delivered.

EBITDA totalled approximately 2.2 million euros, which represented a decrease of approximately 4.8 million euros compared to the same period in the previous year, explained essentially by the variation in ETSA's performance, which translated into a reduction in revenue, but also by the increase in supply and external service costs and in personnel costs. On the other hand, Triangle's has been facing a slowdown in customer orders, due to excess stock on the international market that the key players have had to deal with since the beginning of last year, due to overproduction resulting from higher demand during the pandemic.

The EBITDA margin stood at 8.0%, down by around 20.3 p.p. from the margin for the same period of 2023.

Financial results fell due to the incorporation of Triangle's, totalling -0.4 million euros.

Net profit attributable to shareholders of this business segment was approximately -3.8 million euros in the first half of the year, i.e. a decrease of 8.6 million euros in relation to the same period of the previous year.

Investment in fixed assets in H1 2024 totalled 8.7 million euros, 6.3 million euros of which from ETSA, reflecting the construction of the new plant in Coruche, which is designed to manufacture a range of premium products that are substantially higher end than the current production, stemming from strong investment in innovation, called ETSA ProHy. Triangle's capacity to manufacture e-bike frames has grown from the current 250 000 to 300 000 frames.

2.5. OVERVIEW OF SEMAPA NEXT ACTIVITY

In the 1st half of 2024, Semapa Next made 3 new investments in Constellr, Meisterwerk and GROPYUS, the latter in the 1st quarter of the year. Constellr will launch and operate a network of satellites to monitor the temperature on the earth's surface, while Meisterwerk is promoting a digital platform for managing tasks and documents of technical

teams. In addition, Semapa Next made follow-on investments in five portfolio companies and a discovery check in the company Sonant, which has developed voice agents based on artificial intelligence for automated real-time interactions.

In addition to the investments made, Semapa Next continued to analyse various investment opportunities in technology companies that are in the Series A and Series B stage, actively monitoring its portfolio.

3 SEMAPA GROUP – FINANCIAL AREA

3.1. INDEBTEDNESS

NET DEBT

On 30 June 2024, consolidated net debt stood at 1 127.2 million euros, representing an increase of around 115.2 million euros over the figure ascertained at the close of 2023. Including the effect of IFRS 16, net debt would have been 1 284.0 million euros, 168.0 million euros above the figure in late 2023. Besides the operating cash flow generated, these variations are explained by:

• Navigator: +174.6 million euros, including investments in fixed assets of about 93 million euros, disbursement for the purchase of Accrol in May - payment of 153 million euros for the shares and consolidation of additional debt - and distribution of 150 million euros in dividends in the 2nd quarter;
• Secil: -23.4 million euros, including investments in fixed assets of around 47.3 million euros;
• Other Business: -4.3 million euros, including investments in fixed assets of around 8.7 million euros. Attention is called to the difficulty in collecting the amounts billed to the Government which imply the need for working capital financing; and,
• Holdings: -31.7 million, including the financial investment of 19.6 million euros made by Semapa Next, dividends received (Navigator: 105 million euros), and dividends paid out by Semapa (50 million euros).

As at 30 June 2024, total consolidated cash and cash equivalents amounted to 247.7 million euros. The Group also has committed and undrawn credit facilities, thus ensuring a strong liquidity position.

It is worth noting that in the 1st quarter Navigator took out a long-term loan (7 years) totalling 55 million euros, whose financial conditions are linked to the company's performance in ESG. In the second quarter, Navigator contracted new long-term financing for 5, 6 and 7 years, totalling 300 million euros, whose financial conditions are linked to the fulfilment of three ESG indicators already included in its Sustainability Agenda and, in turn, aligned with the United Nations' Sustainable Development Goals.

In addition, at the end of the first half, Secil took out a medium-term lean in Tunisia, also linked to the fulfilment of 2 ESG indicators, which are already included in its Sustainability-Linked Financing Framework.

3.2. NET PROFIT

Net profit attributable to Semapa shareholders was 131.8 million euros, which represents an increase of 24.2 million euros against the same month of the previous year, due essentially to the combined effect of the following factors:

• EBITDA increased by 47.8 million euros, reflecting the growth in the Pulp and Paper and Cement segments, which more than offset the decrease in Other Business;
• Increase of 13.3 million euros in depreciation, amortisation and impairment losses;
• Income appropriation in subsidiaries was 1.8 million euros, the good results of UTIS accounting for almost all of that amount;
• Improvement of the net financial results by around 4.7 million euros, reflecting the improvement in Secil's results, which more than offset the deterioration in the other business segments;
• Due to better results, income taxes totalled around 56.3 million euros, 10 million euros more than in the same period last year.

4 OUTLOOK

The world economic outlook has improved since January, but even so, global growth remains on a historically low medium-term path. In its latest report (July 2024), the IMF reiterated its global growth projections of 3.2% in 2024, and reviewed the number slightly upwards to 3.3% in 2025. In the short term, the economic outlook is only cautiously optimistic, as economic vulnerabilities remain in a context of persistently high interest rates and ongoing geopolitical tensions.

The Bank of Portugal (June 2024 Economic Bulletin) expects the Portuguese economy, after a growth of 2.3% in 2023, to slow down to 2.0% in 2024 and grow by 2.3% in 2025 and 2.2% in 2026. Economic activity should continue to grow at a quicker pace than that in the Euro zone, despite weaker external demand and more unfavourable financial conditions than in the years preceding the pandemic. In 2025 and 2026, growth will benefit from the gradual dissipation of the impact of rising interest rates.

Inflation should continue its downward trajectory, falling from 2.5% in 2024 to 2.1% in 2025 and to 2.0% by the end of 2026. This decrease reflects the lag in the effects of the reduction in production costs and the European Central Bank's monetary policy decisions.

NAVIGATOR

In the current context, greater prudence is warranted in addressing market developments for the rest of the year in the sector, and for the pulp and printing paper business in particular. Pulp demand is expected to slow down and supply should increase, which will pressure the pulp benchmark price to come down, although it is expected to be above last year's average. On the other hand, the impact of the entry of new capacity in Latin America (2.6 Mt/year) is expected to affect 2025 in particular, which could soften the pressure expected for the second half of the year.

The pace of incoming orders in the paper segment is expected to slow down in the 3rd quarter, due to the usual seasonality. On the other hand, pressure on costs should continue to be strong, and price will stabilise at a much higher level than before the pandemic. The current market environment continues to lead to further temporary or definitive capacity reductions in the installed capacity of the paper sector due to a deterioration in profitability, seeing that the high variable costs are not going away. This possibility has been announced by some European players at the withdrawal in the 1st quarter of close to 200 thousand tonnes, followed by the closure of a plant in the USA in June, which will withdraw about 170 thousand tonnes of UWF production capacity from the market. In the second quarter of the current year, the announcement of another closure in Germany by the end of 2024 will remove further 280 000 tonnes a year from the market.

These developments, alongside the aforementioned structural increase in the producers' cost base, will help to sustain paper price levels in Europe and in the international markets in which Navigator operates above prepandemic levels.

In the tissue paper segment, demand continues to grow at interesting rates, estimated at 3.6% for Europe in 2024 (Numera), albeit at a slower pace than in the first few months of the year. Navigator has capitalised on the synergies and economies of scale associated with business growth, particularly from the acquisition of Navigator Ejea Tissue in 2023 and of Navigator Tissue UK in 2024.

Navigator continues to focus on reducing costs, both by optimising specific consumption and by negotiating logistics, raw and subsidiary material and energy prices, the latter still well above pre-pandemic levels. The current level of costs naturally puts pressure on the prices of end products, which are not expected to return to the levels seen in the past.

The range and quality of differentiating brands and products, Navigator's sustainable business, the scale of their operations and financial soundness support the resilient business model that has allowed us to deliver consistent results, even in adverse market contexts.

SECIL

In Portugal, despite the less dynamic national economic activity, AICCOPN expects a sustainable growth in the construction sector, anticipating real variation in the Gross Value of Production in 2024 raging between 2% and 4%.

Concerning Brazil, after two consecutive years of decline, the Brazilian cement industry is expected to grow in 2024, partly driven by progress in infrastructure projects announced by the government, and in urban development (e.g. housing and sanitation).

According to the World Economic Outlook Update (WEO) published in June 2024, the IMF expects Brazilian economy to grow by 2.1% in 2024 and 2.4% in 2025. Projected levels of inflation (WEO April update) are 4.1% in 2024 and 3.0% in 2025.

In Lebanon, the economic outlook remains highly uncertain and dependent on policy measures taken by the authorities. Geopolitical instability in the Middle East, i.e. the outbreak of the conflict in the Gaza Strip in October and more recently the crisis in the Red Sea, has made it even more difficult for the economy to recover, compounded by potential security, social and political risks. Secil is closely monitoring developments.

2024 remains subject to high uncertainty, with restrictions in the banking sector and limited electricity supply. The exchange rate instability in 2023 and 2024 and the high inflation rate are the type of obstacles and difficulties preventing economic activity from picking up. To cope with the cut in the supply of electricity, Secil is evaluating other alternatives in order to restore normal operations.

According to the World Economic Outlook (WEO) published in April 2024, the IMF expects the GDP of Tunisia to grow 1.9% in 2024 and 1.8% in 2025. Inflation in 2024 is 7.4% (lower than that in 2023, which was 9.3%), dropping to 6.9% in 2025.

The political scene in Tunisia has not changed significantly, even after a new parliament was elected. The economic context remains difficult, and social tensions are rising. The negotiations with the IMF were interrupted again, among other reasons due to the pending issue of compensations (subsidies).

The outlook for Angola (World Economic Outlook, IMF April 2024) hints at GDP growth of 2.6% in 2024, followed by 3.1% growth in 2025. Inflation forecasts for 2024 are evidenced by a drop to 22.0 % (after recording 13.6% in 2023) and 12.8% in 2025.

OTHER BUSINESS

Despite the current macroeconomic framework, ETSA looks to the future with confidence due to its continued commitment to high added-value products to be placed on the international market. In this sense, exports accounted for about 69.6% of the overall value of accumulated sales on 30 June 2024, and construction has continued on a new production plant in Coruche, the result of the strong investment in innovation called ETSA ProHy, which is expected to open early next year.

Triangle's is bracing for a very difficult year 2024, due to the overstock across the distribution chain, which continues to affect all companies in the sector. However, current customers and new companies have shown a lot of interest in Triangle's development of new models in the coming years. Semapa's plans for the company include the implementation of the capacity expansion plan (project financed by the RRP), the enhancement of commercial efforts to gain new customers and the positioning to benefit from the expected sector growth in the near future.

SEMAPA NEXT

Semapa Next will continue to monitor its portfolio and will actively participate in national and international events in order to find future investment opportunities in technology companies, build and cement institutional relationships with investors and monitor new market trends. The last two quarters of 2024 are expected to be equally active, in view of several opportunities in the pipeline and one opportunity that is in an advanced stage of completion.

Lisbon, 25 July 2024

The Board

FINANCIAL CALENDAR

DEFINITIONS

EBITDA = EBIT + Depreciation, amortisation and impairment losses + Provisions

EBIT = Operating profit

Operating profit = Earnings before taxes, financial results and results of associates and joint ventures as presented in the Income Statement in IFRS format

Cash flow = Net profit for the period + Depreciation, amortisation and impairment losses + Provisions

Free Cash Flow = Variation in interest-bearing net debt + Variation in foreign exchange denominated debt + Dividends (paid-received) + Purchase of own shares

Interest-bearing net debt = Non-current interest-bearing debt (net of loan issue charges) + Current interest-bearing debt (including debts to shareholders) - Cash and cash equivalents

DISCLAIMER

This document contains statements that relate to the future and are subject to risks and uncertainties that can lead to actual results differing from those provided in these statements. Such risks and uncertainties are due to factors beyond Semapa's control and predictability, such as macroeconomic conditions, credit markets, currency fluctuations and legislative and regulatory changes. Statements about the future made in this document concern only the document and on the date of its publication, therefore Semapa does not assume any obligation to update them. This document is a translation of a text originally issued in Portuguese. In the event of discrepancies, the Portuguese language version prevails.

PART 2

DECLARATION REQUIRED UNDER ARTICLE 29 J.1 C) OF THE SECURITIES CODE

DECLARATION REQUIRED UNDER ARTICLE 29 J.1 C) OF THE SECURITIES CODE

Article 29 J.1 c) of the Securities Code requires that each of the persons responsible for issuers make a number of declarations, as described in this article. In the case of Semapa, a standard declaration has been adopted, which reads as follows:

"I hereby declare, under the terms and for the purposes of Article 29 J.1 c) of the Securities Code that, to the best of my knowledge, the condensed financial statements of Semapa – Sociedade de Investimento e Gestão, SGPS, S.A., for the first half of 2024, were drawn up in accordance with the relevant accounting rules, and provide a true and fair view of the assets and liabilities, financial affairs and profit or loss of said company and other companies included in the consolidated accounts, and that the interim management report sets out faithfully the information required by Article 29 J.2 of the Securities Code."

As required by this rule, we provide below a list of the names of the people signing the declaration and their functions in the company:

Name	Function
José Antônio do Prado Fay	Chairman of the Board of Directors
Ricardo Miguel dos Santos Pacheco Pires	Member of the Board of Directors
Vítor Paulo Paranhos Pereira	Member of the Board of Directors
António Pedro de Carvalho Viana-Baptista	Member of the Board of Directors
Filipa Mendes de Almeida de Queiroz Pereira	Member of the Board of Directors
Lua Mónica Mendes de Almeida de Queiroz Pereira	Member of the Board of Directors
Mafalda Mendes de Almeida de Queiroz Pereira	Member of the Board of Directors
Paulo José Lameiras Martins	Member of the Board of Directors
José Manuel Oliveira Vitorino	Chairman of the Audit Board
Gonçalo Nuno Palha Picão Caldeira	Member of the Audit Board
Maria da Luz Gonçalves de Andrade Campos	Member of the Audit Board

PART 3

LIST OF QUALIFYING HOLDINGS

LIST OF QUALIFYING HOLDINGS, INDICATING THE NUMBER OF SHARES HELD AND THE CORRESPONDING PERCENTAGE OF VOTING RIGHTS, CALCULATED IN ACCORDANCE WITH ARTICLE 20 OF THE SECURITIES CODE (WITH REFERENCE TO THE DATE OF THIS REPORT):

LIST OF QUALIFYING HOLDINGS, INDICATING THE NUMBER OF SHARES HELD AND THE CORRESPONDING PERCENTAGE OF VOTING RIGHTS, CALCULATED
IN ACCORDANCE WITH ARTICLE 20 OF THE SECURITIES CODE
(WITH REFERENCE TO THE DATE OF THIS REPORT):
			% shares	% non
Holder	Attribution	No. Shares	and voting rights	suspended voting rights
Filipa Mendes de Almeida de Queiroz Pereira (Filipa Queiroz Pereira),	Jointly, through companies held directly and indirectly by them and described below, in conjunction with the shareholders' agreement
Mafalda Mendes de Almeida de Queiroz Pereira (Mafalda Queiroz Pereira), and	they entered into in relation to their holdings in companies that own shares of Semapa.	-	-	-
Lua Mónica Mendes de Almeida de Queiroz Pereira (Lua Queiroz Pereira)
Target One Capital, S.A.	Controlled by Filipa Queiroz Pereira; holds 21.56% of the share capital of Sodim, SGPS, S.A. (Sodim)	-	-	-
Keytarget Investments - Consultoria e Investimentos, S.A.	Controlled by Mafalda Queiroz Pereira; holds 21.56% of Sodim's share capital	-	-	-
Premium Caeli, S.A.	Controlled by Lua Queiroz Pereira; holds 21.56% of Sodim's share capital	-	-	-
Sodim, SGPS, S.A.	Indirectly controlled by Filipa Queiroz Pereira, Mafalda Queiroz Pereira and Lua Queiroz Pereira; holds 100% of the share capital of Cimo - Gestão de Participações, SGPS, S.A.; direct ownership of shares	27 508 892	33.849%	34.442%
Cimo - Gestão de Participações, SGPS, S.A.	Indirectly controlled by Filipa Queiroz Pereira, Mafalda Queiroz Pereira and Lua Queiroz Pereira and directly by Sodim; direct ownership of shares	38 959 431	47.938%	48.779%
	Total:	66 468 323	81.787%	83.221%

PART 4

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONSOLIDATED INCOME STATEMENT

INTERIM CONSOLIDATED INCOME STATEMENT
Amounts in Euro	Note	1H 2024	1H 2023
Revenue	2.1	1,438,514,224	1,344,221,440
Other operating income	2.2	84,339,197	79,968,053
Changes in the fair value of biological assets		1,567,862	(2,897,398)
Costs of goods sold and materials consumed		(565,032,497)	(598,840,374)
Changes in production		11,998,126	28,173,578
External services and supplies	2.3	(355,483,458)	(303,013,150)
Payroll costs	7.1	(164,406,941)	(140,278,165)
Other operating expenses	2.3	(72,371,198)	(76,047,005)
Net provisions	9.1	(2,528,216)	(3,720,208)
Deprecisation, amortisation and impairment losses in non-financial assets	3.6	(115,989,254)	(102,703,363)
Operating profit/ (loss)		260,607,845	224,863,408
Group share of (losses)/gains of associates and joint ventures	10.3	1,751,752	1,196,151
Financial income and gains	5.10	24,089,964	11,903,264
Financial expenses and losses	5.10	(52,700,749)	(45,184,960)
Profit before income tax		233,748,812	192,777,863
Income tax	6.1	(56,262,723)	(46,131,894)
Net profit for the period		177,486,089	146,645,969
Attributable to Semapa's equity holders		131,825,274	107,631,856
Attributable to non-controlling interests	5.6	45,660,815	39,014,113
Earnings per share
	5.3	1.651	1.348
Basic earnings per share, Euro	5.3	1.651	1.348

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Amounts in Euro	Note	1H 2024	1H 2023
Net profit for the period before non-controlling interests		177,486,089	146,645,969
Items that may be reclassified to the income statement
Hedging derivative financial instruments Changes in fair value		17,764,388	(3,367,866)
Tax effect		(3,698,458)	873,704
Currency translation differences		(9,454,002)	4,831,932
Other comprehensive income		141,857	(1,887,732)
Items that may not be reclassified to the income statement
Reneasurement of post-employment benefits
Remeasurement	7.2	(988,936)	(1,497,459)
Tax effect		(148,594)	(121,048)
Total other comprehensive income net of taxes		3,616,255	(1,168,469)
Total comprehensive income		181,102,344	145,477,500
Attributable to:
Semapa's equity holders Non-controlling interests		130,736,641 50,365,703	109,411,579 36,065,921

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts in Euro	Note	30/06/24	31/12/23
ASSETS
Non-current assets
Goodwill	3.1	588,432,565	492,387,904
Intangible assets	3.2	570,353,408	556,501,634
Property, plant and equipment	3.3	1,933,389,069	1,859,690,492
Right-of-use assets Biological assets	3.5 3.7	153,963,519 117,190,111	103,494,536
Investments in associates and joint ventures	10.3	44,319,460	115,622,249 44,175,382
Investment properties	3.9	495,521	504,303
Other financial investments	8.3	69,065,564	48,601,324
Non-current receivables	4.2	62,996,374	57,698,209
Deferred tax assets	6.2	130,894,644	101,622,122
		3,671,100,235	3,380,298,155
Current assets
Inventories	4.1	437,280,560	397,491,182
Current receivables	4.2	695,073,761	585,074,508
Income tax	6.1	39,441,161	29,902,931
Cash and cash equivalents	5.9	247,709,255	281,156,727
		1,419,504,737	1,293,625,348
Non-current assets held for sale		1,008,000	1,008,000
		1,420,512,737	1,294,633,348
Total Assets		5,091,612,972	4,674,931,503
EQUITY AND LIABILITIES
Capital and reserves
Share capital	5.1	81,270,000	81,270,000
Treasury shares		(15,946,363)	(15,946,363)
Currency translation reserve	5.5	(208,900,166)	(198,301,800)
Fair value reserves	5.5	19,279,828	9,114,768
Legal reserves	5.5	16,695,625	16,695,625
Other reserves	5.5	1,527,058,683	1,334,549,502
Retained earnings	5.5	(3,286,221)	(463,433)
Net profit for the period		131,825,274	244,507,409
Equity attributable to Semapa's equity holders		1,547,996,660	1,471,425,708
Non-controlling interests Total Equity	5.6	338,088,732 1,886,085,392	335,031,713
			1,806,457,421
Non-current liabilities
Interest-bearing liabilities	5.7	1,027,429,335	1,101,434,680
Lease liabilities	5.8	129,102,998	87,856,956
Pensions and other post-employment benefits	7.2	1,530,411	1,469,145
Deferred tax liabilities	6.2	278,839,837	249,454,910
Provisions	9.1	62,338,554	61,072,687
Non-current payables	4.3	180,915,633	171,603,097
		1,680,156,768	1,672,891,475
Current liabilities
Interest-bearing liabilities	5.7	347,496,622	191,717,488
Lease liabilities	5.8	27,648,994	16,120,010
	4.3	1,032,590,402	935,118,310
Current payables	6.1	117,634,794	52,626,799
Income tax
		1,525,370,812	1,195,582,607
Total Liabilities		3,205,527,580	2,868,474,082
Total Equity and Liabilities		5,091,612,972	4,674,931,503

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Amounts in Euro	Note	Share	Treasury	Currency	Fair value	Legal	Other	Retained	Net profit	Total	Non-controlling	Total
		capital	shares	translation reserve	reserve	reserve	reserves	earnings	for the period		interests
Equity as at 1 January 2024		81,270,000	(15,946,363)	(198,301,800)	9,114,768	16,695,625	1,334,549,502	(463,433)	244,507,409	1,471,425,708	335,031,713	1,806,457,421
Net profit for the period		-	-	-	-	-	-	-	131,825,274	131,825,274	45,660,815	177,486,089
Other comprehensive income (net of taxes)		-	-	(10,598,366)	10,165,060	-	-	(655,327)	-	(1,088,633)	4,704,888	3,616,255
Total comprehensive income for the period		-	-	(10,598,366)	10,165,060	-	-	(655,327)	131,825,274	130,736,641	50,365,703	181,102,344
Appropriation of 2023 net profit for the period:
- Transfer to retained earnings		-	-	-	-	-	192,509,181	-	(192,509,181)	-	-	-
- Dividends paid	5.4	-	-	-	-	-	-	-	(49,998,228)	(49,998,228)	-	(49,998,228)
- Bonus to employees		-	-	-	-	-	-	2,000,000	(2,000,000)	-	-	-
			-	-	-	-	-	(4,076,061)	-	(4,076,061)	(1,971,252)
(Acquisitions)/Disposals to non controlling-interests	5.6	-										(6,047,313)
Dividends paid by subsidiaries to non controlling-interests	5.6	-	-	-	-	-	-	-	-	-	(45,336,407)	(45,336,407)
Total transactions with shareholders		-	-	-	-	-	192,509,181	(2,076,061)	(244,507,409)	(54,074,289)	(47,307,659)	(101,381,948)
		-	-	-	-	-	-	(91,400)	-	(91,400)	(1,025)	(92,425)
Other movements Equity as at 30 June 2024		81,270,000	(15,946,363)	(208,900,166)	19,279,828	16,695,625	1,527,058,683	(3,286,221)	131,825,274	1,547,996,660	338,088,732	1,886,085,392
		Share	Treasury	Currency	Fair value	Legal	Other	Retained	Net profit		Non-controlling
Amounts in Euro	Note	capital	shares	translation reserve	reserve	reserve	reserves	earnings	for the period	Total	interests	Total
Equity as at 1 January 2023		81,270,000	(15,946,363)	(202,244,411)	29,889,067	16,695,625	1,105,635,572	990,821	307,089,834	1,323,380,145	310,245,813	1,633,625,958
Net profit for the period		-	-	-	-	-	-	-	107,631,856	107,631,856	39,014,113	146,645,969
Other comprehensive income (net of taxes)		-	-	6,031,382	(1,884,172)	-	-	(2,367,487)	-	1,779,723	(2,948,192)	(1,168,469)
Total comprehensive income for the period		-	-	6,031,382	(1,884,172)	-	-	(2,367,487)	107,631,856	109,411,579	36,065,921	145,477,500
Appropriation of 2022 net profit for the period:
- Transfer to retained earnings		-	-	-	-	-	228,913,930	-	(228,913,930)	-	-	-
- Dividends paid	5.4	-	-	-	-	-	-	-	(75,875,904)	(75,875,904)	-	(75,875,904)
- Bonus to employees		-	-	-	-	-	-	2,300,000	(2,300,000)	-	-	-
Dividends paid by subsidiaries to non controlling-interests		-	-	-	-	-	-	-	-	-	(60,362,991)	(60,362,991)
Other operations - Hyperinflationary economies (Lebanon)		-	-	-	-	-	-	989,231	-	989,231	948,578	1,937,809
		-	-	-	-	-	228,913,930	3,289,231	(307,089,834)	(74,886,673)	(59,414,413)	(134,301,086)
Total transactions with shareholders Other movements		-	-	-	-	-	-	(278)	-	(278)	278	-

					Fair value reserve	Legal reserve	Other reserves	Retained earnings	Net profit for the period	Total	Non-controlling interests	Total
Appropriation of 2023 net profit for the period:
					Fair value	Legal	Other	Retained	Net profit		Non-controlling
					reserve	reserve	reserves	earnings	for the period	Total	interests	Total
Equity as at 1 January 2023		81,270,000	(15,946,363)	(202,244,411)	29,889,067	16,695,625	1,105,635,572	990,821	307,089,834	1,323,380,145	310,245,813	1,633,625,958
Net profit for the period		-	-	-	-	-	-	-	107,631,856	107,631,856	39,014,113	146,645,969
		-	-	6,031,382	(1,884,172)	-	-	(2,367,487)	-	1,779,723	(2,948,192)	(1,168,469)
Other comprehensive income (net of taxes)					(1,884,172)	-	-	(2,367,487)	107,631,856	109,411,579	36,065,921	145,477,500
Total comprehensive income for the period		-	-	6,031,382
Appropriation of 2022 net profit for the period:
- Transfer to retained earnings		-	-	-	-	-	228,913,930	-	(228,913,930)	-	-	-
- Dividends paid	5.4	-	-	-	-	-	-	-	(75,875,904)	(75,875,904)	-	(75,875,904)
- Bonus to employees		-	-	-	-	-	-	2,300,000	(2,300,000)	-	-	-
Dividends paid by subsidiaries to non controlling-interests		-	-	-	-	-	-	-	-	-	(60,362,991)	(60,362,991)
Other operations - Hyperinflationary economies (Lebanon)		-	-	-	-	-	-	989,231	-	989,231	948,578	1,937,809
Total transactions with shareholders		-	-	-	-	-	228,913,930	3,289,231	(307,089,834)	(74,886,673)	(59,414,413)	(134,301,086)
Other movements		-	-	-	-	-	-	(278)	-	(278)	278	-

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Amounts in Euro	Note	1H 2024	1H 2023
OPERATING ACTIVITIES
Receipts from customers		1,514,094,749	1,541,553,883
Payments to suppliers		(1,079,772,449)	(1,122,571,241)
Payments to employees		(127,894,724)	(117,265,870)
Cash flows from operations		306,427,576	301,716,772
Income tax received/ (paid)		(5,476,006)	(87,868,302)
Other receipts/ (payments) relating to operating activities		11,990,283	60,310,959
Cash flows from operating activities (1)		312,941,853	274,159,429
INVESTING ACTIVITIES
Inflows:
Financial investments		-	191,290
Property, plant and equipment		4,917,334	649,196
Government grants		4,361,449	-
Interest and similar income		759,739	1,624,355
Dividends of associates and joint ventures		359,684	166,146
		10,398,206	2,630,987
Outflows:
Investments in subsidiaries		(151,041,719)	(239,614,242)
Other financial investments		(18,814,325)	(25,946,415)
Property, plant and equipment		(121,279,927)	10,104,866
Intangible assets		(84,448)	(114,560,769)
Other assets		-	(2,814,362)
		(291,220,419)	(372,830,922)
Cash flows from investing activities (2)		(280,822,213)	(370,199,935)
FINANCING ACTIVITIES
Inflows:
Interest-bearing liabilities		341,544,149	713,971,131
Other financing operations		13,881,289	-
		355,425,438	713,971,131
Outflows:
Interest-bearing liabilities		(268,395,459)	(809,612,397)
Amortisation of finance lease agreements		(14,633,243)	(12,533,062)
Interest and similar expense		(32,753,726)	(20,567,828)
Dividends and other reserves	5.4	(95,392,841)	(135,931,719)
Increase in shareholdings in subsidiaries		(1,592,725)	-
Other financing operations		(7,211,268)	(9,386,646)
		(419,979,262)	(988,031,652)
Cash flows from financing activities (3)		(64,553,824)	(274,060,521)
CHANGES IN CASH AND CASH EQUIVALENTS (1)+(2)+(3)		(32,434,184)	(370,101,027)
Effect of exchange rate differences		(1,013,288)	(1,307,965)
Effect of hyperinflation on cash and cash equivalents		-	1,769,854
	5.9	281,156,727	593,396,576
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD		-
Impairment CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	5.9	247,709,255	(3,018,898) 220,738,540

1		INTRODUCTION 41
	1.1.	THE SEMAPA GROUP 41
	1.2.	RELEVANT EVENTS OF THE PERIOD 42
	1.3.	SUBSEQUENT EVENTS 43
	1.4.	BASIS FOR PREPARATION 43
	1.5.	NEW IFRS STANDARDS ADOPTED AND TO BE ADOPTED 48
	1.6.	MAIN ESTIMATES AND JUDGEMENTS 51
2		OPERATIONAL PERFORMANCE 52
	2.1.	REVENUE AND SEGMENT REPORTING 52
	2.2.	OTHER OPERATING INCOME 58
	2.3.	OTHER OPERATING EXPENSES 59
3		INVESTMENTS 60
	3.1.	GOODWILL 60
	3.2.	INTANGIBLE ASSETS 61
	3.3.	PROPERTY, PLANT AND EQUIPMENT 64
	3.4.	GOVERNMENT GRANTS 67
	3.5.	RIGHT-OF-USE ASSETS 69
	3.6.	DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES 70
	3.7.	BIOLOGICAL ASSETS 71
	3.8.	NON-CURRENT ASSETS HELD FOR SALE 72
	3.9.	INVESTMENT PROPERTIES 73
4		WORKING CAPITAL 73
	4.1.	INVENTORIES 73
	4.2.	RECEIVABLES 75
	4.3.	PAYABLES 76
5		CAPITAL STRUCTURE 77
	5.1.	CAPITAL MANAGEMENT 77
	5.2.	SHARE CAPITAL AND THEASURY SHARES 77
	5.3.	EARNINGS PER SHARE 78
	5.4.	DIVIDENDS 79
	5.5.	RESERVES AND RETAINED EARNINGS 79
	5.6.	NON-CONTROLLING INTERESTS 80
	5.7.	INTEREST-BEARING LIABILITIES 81
	5.8.	LEASE LIABILITIES 83
	5.9.	CASH AND CASH EQUIVALENTS 84
	5.10.	NET FINANCIAL RESULTS 84

6		INCOME TAX 85
	6.1.	INCOME TAX FOR THE PERIOD 85
	6.2.	DEFERRED TAXES 88
7		PAYROLL 89
	7.1.	SHORT-TERM EMPLOYEE BENEFITS 89
	7.2.	POST-EMPLOYMENT BENEFITS 91
8		FINANCIAL INSTRUMENTS 96
	8.1.	FINANCIAL RISK MANAGEMENT 96
	8.2.	DERIVATIVE FINANCIAL INSTRUMENTS 103
	8.3.	OTHER FINANCIAL INVESTMENTS 106
	8.4.	FINANCIAL ASSETS AND LIABILITIES 106
9		PROVISIONS, COMMITMENTS AND CONTINGENCIES 108
	9.1.	PROVISIONS 108
	9.2.	COMMITMENTS 110
10		GROUP STRUCTURE 111
	10.1.	COMPANIES INCLUDED IN THE CONSOLIDATION PERIMETER 111
	10.2.	CHANGES IN THE CONSOLIDATION PERIMETER 115
	10.3.	INVESTMENT IN ASSOCIATES AND JOINT-VENTURES 115
	10.4.	TRANSACTIONS WITH RELATED PARTIES 116
11		EXPLANATION ADDED FOR TRANSLATION 117

1 INTRODUCTION

The following symbols are used in the presentation of the Notes to the interim financial statements:

ACCOUNTING POLICIES

This symbol indicates the disclosure of accounting policies specifically applicable to the items in the respective Note.

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

This symbol indicates the disclosure of the estimates and/or judgements made regarding the items in the respective Note. Significant estimates and judgements are indicated in Note 1.6.

REFERENCE

This symbol indicates a reference to another Note or another section of the Financial Statements were more information about the items disclosed is presented.

1.1. THE SEMAPA GROUP

The SEMAPA Group (Group) comprises Semapa — Sociedade de Investimento e Gestão, SGPS, S.A. (Semapa), whose name has remain unchanged for the year, as well as that of its subsidiaries. Semapa located at Av. Fontes Pereira de Melo, 14, 10º Piso, Lisboa was incorporated on 21 June 1991 and its corporate purpose is to manage holdings in other companies as an indirect form of performing economic activities. The Company has been listed on Euronext Lisbon since 1995 with ISIN PTSEM0AM0004 and LEI code 549300HNGOW85KIOH584.

Company:	Semapa – Sociedade de Investimento e Gestão, SGPS, S.A.
Head Office:	Av. Fontes Pereira de Melo, 14, 10º Piso, Lisboa Portugal
Country:	Portugal
Legal Form:	Public Limited Company
Share capital:	Euro 81,270,000
TIN:	502 593 130
Parent company:	Sodim, SGPS, S.A.

Semapa leads an Enterprise Group with activities in distinct business segments, namely, pulp and paper, cement and derivatives, and other businesses developed respectively through its subsidiaries The Navigator Company ("Navigator" or "Navigator Group") in the case of pulp and paper, Secil – Companhia Geral de Cal e Cimento, S.A. ("Secil" or "Secil Group") in the case of cement and derivatives and ETSA – Investimentos, SGPS, S.A. ("ETSA" or "ETSA Group") and Triangle's Cycling Equipments, S.A. (Triangle's) in the case of other businesses. Semapa also holds a venture capital business unit, carried out through its subsidiary Semapa Next, S.A., whose objective is to promote investments in start-ups and venture capital funds with high growth potential.

A more detailed description of the Group activity in each business line is disclosed in Note 2.1 – Revenue and segment reporting.

Semapa is included in the consolidation perimeter of Sodim — SGPS, S.A., which is its parent company.

In turn, Filipa Mendes de Almeida de Queiroz Pereira, Mafalda Mendes de Almeida de Queiroz Pereira and Lua Mónica Mendes de Almeida de Queiroz Pereira, by virtue of the combination of a shareholders' agreement relating to Sodim and their respective direct and indirect shareholdings in the share capital of this company, have joint control over Sodim and Semapa, each of them and Sodim being attributed, in accordance with the provisions of Article 20 of the Portuguese Securities Code, 83.221% of the non-suspended voting rights relating to shares representing the share capital of Semapa.

1.2. RELEVANT EVENTS OF THE PERIOD

ACQUISITION OF ACROLL GROUP'S CONSUMER TISSUE BUSINESS IN THE UNITED KINGDOM

On 24 May 2024, the Navigator Group concluded a public takeover bid, in the form of a "Recommended Firm Cash Offer", for the entire share capital of Accrol Group Holdings Plc (Accrol), a company based in Blackburn, England, which holds nine subsidiaries, three of which operational.

As part of its diversification and growth strategy, the acquisition of the Accrol Group, a leading player in the UK tissue market (4th in the ranking), provided additional capacity to the tissue business, with a production and converting capacity of 131 thousand tonnes based on 5 sites: Blackburn (rolls and facials); Leicester (rolls); Leyland (rolls); Flint (wet wipes) and Bridgewater (wet wipes).

Following the entry into the British market through the acquisition of the main independent Group in the tissue paper processing sector, whose competitive advantages and values are aligned with those of the Group, sales volume in the second quarter benefited from the integration of Accrol on 1 May 2024.

When determining these amounts, management assumed that any provisionally determined fair value adjustments arising on the acquisition date would be the same if the acquisition date was 1 May 2024.

With this acquisition, the Group expects a number of synergies in the Tissue business, as well as an increase in its market share by accessing the Accrol Group's customer portfolio, namely in markets where it intends to strengthen its presence, as well as a reduction in costs through economies of scale.

In the two months to 30 June 2024, the Accrol Group made sales contributions in the amount of Euro 33,308,836. If the acquisition had taken place on 1 January 2024, management estimates that consolidated sales would have amounted to Euro 1,502,611,921. When determining these amounts, management assumed that any provisionally determined fair value adjustments arising on the acquisition date would be the same if the acquisition date was 1 January 2024.

TRANSFERRED CONSIDERATION

As part of the acquisition of Accrol Group Holdings Ltd, the consideration transferred amounted to Euro 153,765,150 (GBP 130,823,389) and was paid entirely in cash and cash equivalents, with no contingent consideration associated with this acquisition.

IDENTIFICATION OF ASSETS AND LIABILITIES ACQUIRED AND INITIAL GOODWILL

As at this date, the Group is carrying out the necessary procedures to recognise and measure the identifiable assets acquired, the liabilities assumed and consequently the calculation of the Goodwill or gain resulting from the operations, in accordance with IFRS 3. This valuation was carried out by external specialised and independent valuers. In addition, the Group is assessing the tax deductibility of the goodwill arising from this transaction.

If new information is obtained up to one year after the acquisition regarding facts and circumstances prevailing on the acquisition date, this will be reflected in the fair value.

In accordance with IFRS 3, the identification, allocation and accounting of fair value of assets, liabilities and contingent liabilities acquired must take place within twelve months of the acquisition date. The assets acquired and liabilities assumed on the acquisition date are summarised as follows:

Amounts in Euro at date of acquisition	Accrol Group
Non-current assets
Intangible assets	22,274,833
Property, plant and equipment	61,840,408
Right-of-use assets	41,915,115
Deferred tax assets	14,145,819
Other non-current assets	2,758,802
Current assets
Inventories	24,641,130
Current receivables	31,379,588
Cash and cash equivalents	2,986,092
Non-current liabilities
Lease liabilities	(36,390,296)
Deferred tax liabilities	(14,159,924)
Current liabilities
Interest-bearing liabilities	(18,941,046)
Lease liabilities	(9,270,587)
Payables	(68,883,897)
Income tax	(69,976)
Total identifiable net assets	54,226,061
Initial goodwill	99,539,089
Total acquisition value	153,765,150
Cash and cash equivalents	(2,986,092)
Net effect on cash and cash equivalents	150,779,058

ACQUISITION-RELATED COSTS

The Group incurred costs related to this acquisition amounting to Euro 3,499,552, related to legal fees incurred in the public takeover bid process and other due diligence costs. These costs are recognised as external services and supplies in the Consolidated income statement and Consolidated statement of comprehensive income.

1.3. SUBSEQUENT EVENTS

Up to the date of issuing this report there were no subsequent events susceptible of being disclosed in these financial statements.

1.4. BASIS FOR PREPARATION

AUTHORISATION TO ISSUE FINANCIAL STATEMENTS

These interim consolidated financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024.

The Group's senior management, which are the members of the Board of Directors who sign this report, declare that, to the best of their knowledge, the information contained herein was prepared in conformity with the applicable accounting standards, providing a true and fair view of the assets and liabilities, the financial position and results of the companies included in the Group's consolidation scope.

ACCOUNTING FRAMEWORK

The interim consolidated financial statements for the six-month period ended 30 June 2024 were prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting.

The following Notes were selected in order to contribute to the understanding of the most significant changes in the Group's consolidated financial position and its performance in relation to the last annual reporting date as at 31 December 2023. In this context, these interim financial statements should be read together with the Semapa Group's consolidated financial statements for the period ended 31 December 2023.

MEASUREMENT BASIS AND GOING CONCERN

The accompanying interim consolidated financial statements have been prepared on a going concern basis from the accounting books and records of the companies included in the consolidation perimeter (Note 10.1).

They have also been prepared on the historical cost basis, except for biological assets (Note 3.7) and financial instruments measured at fair value through profit or loss or at fair value through equity (Note 8.3), which include derivative financial instruments (Note 8.2). The liability for Pension and other post-employment benefits is recognised at its present value less the respective asset.

COMPARABILITY

In May 2024, the acquisition of the Accrol Group's Consumer tissue business in the UK was concluded, with a view to strengthening the Group's presence in this business. Accordingly, the Financial Statements for the six-month period ended 30 June 2024 include two months of operation of the acquired business (Note 1.2).

With the exception of the situation mentioned above, these financial statements are comparable in all material respects with those of the previous year.

BASIS FOR CONSOLIDATION

SUBSIDIARIES

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, the variable returns generated as a result of its involvement with the entity and has the ability to affect those variable returns through the power it exercises over the entity's relevant activities.

These companies' equity and net profit corresponding to the third-party investment in such companies are presented under non-controlling interests in the consolidated statement of financial position (in a separate component of equity) and in the consolidated income statement. Companies included in the consolidated financial statements are detailed in Note 10.1.

The purchase method is used in recording the acquisition of subsidiaries. The cost of an acquisition is measured at the fair value of the assets transferred, the equity instruments issued and liabilities incurred or assumed on the acquisition date.

The identifiable assets acquired and the liabilities and contingent liabilities undertaken in a business combination are initially measured at fair value at acquisition date, regardless of the existence of non-controlling interests. The excess of the acquisition cost, regarding the fair value of the Group's share of identifiable assets and liabilities acquired, is recorded as Goodwill when the Group acquires control, as described in Note 3.1.

Subsidiaries are consolidated using the full consolidation method with effect from the date that control is transferred to the Group. When additional shares are acquired in companies already controlled by the Group, the difference between the percentage of capital acquired and the respective acquisition value is recognised directly in equity under Retained earnings (Note 5.5).

When, at the date of acquisition of the control, the Group already holds a previously acquired interest, the fair value of such interest contributes to the determination of goodwill or badwill.

When the control acquired is lower than 100%, in the application of the purchase method, non-controlling interests can be measured at fair value or at the ratio of the fair value of the assets and liabilities acquired, being that option defined according to each transaction.

In the case of disposals of interests, resulting in a loss of control over a subsidiary, any remaining interest is revalued to the market value at the date of sale, and the gain or loss resulting from such revaluation, is recorded against income, as well as the gain or loss resulting from such disposal.

Subsequent transactions in the disposal or acquisition of non-controlling interests, which do not imply a change in control, do not result in the recognition of gains, losses or Goodwill. Any difference between the transaction value and the book value is recognised in Equity, in Other equity instruments.

The acquisition cost is subsequently adjusted when the acquisition/attribution price is contingent upon the occurrence of specific events agreed with the seller/shareholder (e.g., fair value of acquired assets).

Any contingent payments to be transferred by the Group are recognised at fair value at the acquisition date. If the undertaken obligation constitutes a financial liability, subsequent changes in fair value are recognised in profit or loss. If the undertaken obligation constitutes an equity instrument, there is no change in the initial estimation.

The negative profit/ (loss) generated in each period by subsidiaries with non-controlling interests are allocated to the percentage held by them, regardless of whether they assume a negative balance.

If the acquisition cost is less than the fair value of the net assets of the subsidiary acquired (negative goodwill or badwill), the difference is recognised directly in the Income statement, under Other operating income. Transaction costs directly attributable are immediately recorded in profit or loss.

Intercompany transactions, balances, unrealised gains on transactions and dividends distributed between group companies are eliminated. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset.

Subsidiaries' accounting policies have been changed whenever necessary to ensure consistency with the policies adopted by the Group.

ASSOCIATES

Associates are all the entities in which the Group exercises significant influence but do not have control, which is generally the case with investments representing between 20% and 50% of the voting rights. Investments in associates are accounted under the equity method.

In accordance with the equity accounting method, financial investments are recorded at their acquisition cost, adjusted by the amount corresponding to the Group's share of changes in the associates' shareholders' equity (including net profit or loss and by dividends received).

The difference between the acquisition cost and the fair value of the associate's identifiable assets, liabilities and contingent liabilities on the acquisition date, if positive, are recognised as Goodwill and recorded under the caption Investments in associates. If these differences are negative, they are recorded as income for the period under the caption Group share of (loss)/gains of associates. Transaction costs directly attributable are immediately recorded in profit or loss.

An evaluation of investments occurs when there are signs that the asset could be impaired, and any identified impairment losses are recorded under the same caption. When the impairment losses recognised in prior years no longer exist, they are reversed.

When the Group's share in the associate's losses is equal to or exceeds its investment in the associate, the Group ceases to recognise additional losses, except where it has assumed liability or made payments in the associate's name. Unrealised gains on transactions with associates are eliminated to the extent of the Group's share in the associate. Unrealised losses are also eliminated, except if the transaction reveals evidence of impairment of a transferred asset.

Associate's accounting policies have been changed whenever necessary so, as to ensure consistency with the policies adopted by the Group. Investments in associates are disclosed in Note 10.3.

JOINT AGREEMENTS

Joint ventures are classified as joint operations or joint ventures, depending on the contractual rights and obligations of each investor. Joint ventures are accounted and measured using the equity method.

Joint operations are accounted in the Group's consolidated financial statements, based on the share of jointly held assets and liabilities, as well as the income from the joint operation, and expenses incurred jointly. Assets, liabilities, income and expenses should be accounted for in accordance with the applicable IFRS.

A jointly-controlled entity is a joint venture involving the establishment of a company, partnership or other entity in which the Group has an interest.

Jointly-controlled entities are included in the consolidated financial statements under the equity method, according to which financial investments are recorded at cost, adjusted by the amount corresponding to the Group's interest in changes in shareholders' equity (including net income) and dividends received.

When the share of loss attributable to the Group is equivalent or exceeds the value of the financial holding in joint ventures, the Group recognises additional losses if it has assumed obligations or if it has made payments for the joint ventures.

Unrealised gains and losses between the Group and its joint ventures are eliminated in proportion to the Group's interest in joint ventures. Unrealised losses are also eliminated unless the transaction gives additional evidence of impairment of the transferred asset.

The accounting policies of joint ventures are amended, when necessary, to ensure that they are applied consistently with those of the Group.

PRESENTATION CURRENCY AND TRANSACTIONS IN A CURRENCY OTHER THAN THE PRESENTATION CURRENCY AND HYPERINFLATIONARY ECONOMIES

The items included in the financial statements of each of the Group entities included in the consolidation perimeter are measured using the currency of the economic environment in which the entity operates (functional currency). These consolidated financial statements are presented in Euro.

All the Group's assets and liabilities denominated in currencies other than the reporting currency have been translated into Euro using the exchange rates ruling at the statement of financial position date (Note 8.1.1). The exchange differences arising from differences between the exchange rates ruling at the transaction date and those ruling on collection, payment or at the Statement of consolidated financial position dates, are recorded as income and expenses in the period (Note 5.10).

The income captions of foreign transactions are translated at the average rate for the period. The differences arising from the application of this rate, as compared with the balance prior to the conversion, are reflected under the Currency translation reserve caption in shareholders' equity (Note 5.5). Whenever a foreign entity is sold, the accumulated exchange difference is recognised in the consolidated income statement as part of the gain or loss on the sale.

For foreign operations in hyperinflationary economies, the financial statements in local currency are restated in terms of the measuring unit current at the statement of financial position date to reflect the impact of inflation before translation into the Group's presentation currency.

IAS 29 — Financial Reporting in Hyperinflationary Economies requires that amounts not yet expressed in terms of the measuring unit current at the financial position date are restated by applying a general price index, leading to a potential gain or loss on the monetary position. The standard also requires that all items in the statement of cash flows be expressed in terms of the measuring unit current at the balance sheet date.

When the Group's presentation currency is not hyperinflationary, IAS 21 – The Effects of Changes in Foreign Exchange Rates requires comparative amounts to be those that were presented in previous financial statements, with the gain or loss on the net monetary position relating to price changes in prior periods being recognised directly in Equity.

Furthermore, the Group assesses the book value of non-current assets in accordance with IAS 36 – Impairment of Assets, value of the assets.
				so that the restated amount is reduced to the recoverable amount, ensuring that the book value reflects the economic
in the foreign operation will be recovered.				The profit or loss and financial position of foreign operations in hyperinflationary economies are translated at the closing rate at the date of the financial position. In the case of Lebanon, the Group uses the exchange rate applicable to dividends and capital repatriation, because it is the rate at which, at the date of the financial position, the investment
in currencies other than Euro are detailed as follows:				As at 30 June 2024 and 31 December 2023, the exchange rates used for the translation of assets and liabilities expressed
	30/06/2024	31/12/2023	Valuation/ (devaluation)		30/06/2024	31/12/2023	Valuation/ (devaluation)
TND (Tunisian dinar) Average exchange rate for the period Exchange rate for the end of the period	3.3752 3.3679	3.3548 3.3897	(0.61%) 0.64%	DKK (Danish krone) Average exchange rate for the period Exchange rate for the end of the period	7.4580 7.4575	7.4509 7.4529	(0.10%) (0.06%)
LBP (Lebanese pound) Average exchange rate for the period Exchange rate for the end of the period	96,776.40 95,809.80	99,118.50 99,118.50	2.36% 3.34%	HUF (Hungarian forint) Average exchange rate for the period Exchange rate for the end of the period	389.7571 395.1000	381.8527 382.8000	(2.07%) (3.21%)
USD (American dollar) Average exchange rate for the period Exchange rate for the end of the period	1.0813 1.0705	1.0816 1.1050	0.03% 3.12%	AUD (Australian dollar) Average exchange rate for the period Exchange rate for the end of the period	1.6422 1.6079	1.6288 1.6263	(0.82%) 1.13%
GBP (Sterling pound) Average exchange rate for the period Exchange rate for the end of the period	0.8546 0.8464	0.8698 0.8691	1.75% 2.61%	MZN (Mozambican metical) Average exchange rate for the period Exchange rate for the end of the period	69.1118 68.4200	69.1060 70.6500	(0.01%) 3.16%
PLN (Polish zloty) Average exchange rate for the period Exchange rate for the end of the period	4.3169 4.3090	4.5420 4.3395	4.96% 0.70%	BRL (Brazilian real) Average exchange rate for the period Exchange rate for the end of the period	5.4958 5.9541	5.4011 5.3503	(1.75%) (11.29%)
SEK (Swedish krona) Average exchange rate for the period Exchange rate for the end of the period	11.3914 11.3595	11.4788 11.0960	0.76% (2.37%)	MAD (Moroccan dirahm) Average exchange rate for the period Exchange rate for the end of the period	10.8361 10.6655	10.9552 10.9445	1.09% 2.55%
CZK (Czech koruna) Average exchange rate for the period Exchange rate for the end of the period	25.0149 25.0250	24.0043 24.7240	(4.21%) (1.22%)	NOK (Norwegian krone) Average exchange rate for the period Exchange rate for the end of the period	11.4926 11.3965	11.4248 11.2405	(0.59%) (1.39%)
CHF (Swiss franc) Average exchange rate for the period Exchange rate for the end of the period	0.9615 0.9634	0.9718 0.9260	1.06% (4.04%)	AOA (Angolan kwanza) Average exchange rate for the period Exchange rate for the end of the period	914.5657 927.3937	747.8882 925.3583	(22.29%) (0.22%)
TRY (Turkish lira) Average exchange rate for the period Exchange rate for the end of the period	34.2364 35.1868	25.7597 32.6531	(32.91%) (7.76%)	MXN (Mexican peso) Average exchange rate for the period Exchange rate for the end of the period	18.5089 19.5654	19.1830 18.7231	3.51% (4.50%)
ZAR (South African rand) Average exchange rate for the period Exchange rate for the end of the period	20.2476 19.4970	19.9551 20.3477	(1.47%) 4.18%	AED (United Arab Emirates dirahm) Average exchange rate for the period Exchange rate for the end of the period	3.9709 3.9314	3.9710 4.0581	0.00% 3.12%
EGP (Egyptian pound) Average exchange rate for the period Exchange rate for the end of the period	45.1461 51.3359	33.1117 34.2710	(36.34%) (49.79%)	CAD (Canadian dollar) Average exchange rate for the period Exchange rate for the end of the period	1.4685 1.4670	1.4595 1.4642	(0.62%) (0.19%)
ECV (Cape Verdean escudo)	110.2650	110.2650	0.00%

1.5. NEW IFRS STANDARDS ADOPTED AND TO BE ADOPTED

STANDARDS, AMENDMENTS AND INTERPRETATIONS ADOPTED IN 2024

	Amendment
	Standards and amendments endorsed by the European Union
Amendments to IAS 1 – Presentation of	On 23 January 2020, the IASB issued an amendment to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current and non-current.
Financial Statements
Clarification of the requirements for	The amendments clarify a criterion in IAS 1 for classifying a liability as non-current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period.
classifying liabilities	The amendments:
as current or non	a) specify that an entity's right to defer settlement must exist at the end of the reporting period;
current	b) clarify that the classification is not affected by the Board's intentions or expectations as to whether the entity will
	exercise its right to postpone settlement;
	c) clarify how loan conditions affect classification; and
	d) clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.
	The amendments are effective for annual reporting periods beginning on or after 1 January 2024.
Amendments to IFRS	The IASB issued amendments to IFRS 16 – Leases in September 2022 that introduce a new accounting model for variable
16 – Leases	payments in a sale and leaseback transaction. The amendments confirm that:
	- On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising
Lease liability in a	from a sale-and-leaseback transaction;
sale and leaseback	- After initial recognition, the seller-lessee applies the general requirements for subsequent accounting for the lease
transaction	liability so that it does not recognise any gain or loss relating to the right of use it retains.
	- A seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement.
	The amendments are applied for annual periods beginning on or after 1 January 2024, with earlier application permitted.
	Under IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors, a seller-lessee will need to apply the amendments retrospectively to sale-and-leaseback transactions entered into or after the date of initial application of IFRS 16. This means that it will need to identify and re-examine sale-and-leaseback transactions entered into since implementation of IFRS 16 in 2019, and potentially restate those that included variable lease payments.
Amendments to IAS 7 – Statement of Cash Flows and IFRS 7 –	On 25 May 2023, the International Accounting Standards Board (IASB) published Supplier Finance Arrangements with amendments to IAS 7 – Statement of Cash Flows and IFRS 7 – Financial Instruments Disclosures.
Financial Instruments	The amendments address disclosure requirements for supplier finance arrangements – also known as supply chain finance, trade payables finance or reverse factoring arrangements.
Disclosures – Supplier
Finance	The new requirements complement those already included in the IFRS standards and include disclosures on:
Arrangements	- Terms and conditions of supplier finance arrangements;
	- The amounts of liabilities covered by such arrangements, the extent to which suppliers have already received
	payments from the finance providers and under which caption those liabilities are presented in the balance sheet;
	- The ranges of payment due dates; and
	- Information on liquidity risk.
	The amendments are effective for periods beginning on or after 1 January 2024.

The above standards, amendments and interpretations had no impact on the financial statements.

	Amendment	Date of application
	Standards and amendments not yet endorsed by the European Union
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates	On 15 August 2023, the International Accounting Standards Board (the IASB or Board) issued Lack of Exchangeability (Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates) (the amendments).	01 January 2025
Lack of Exchangeability	The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking.
	An entity assesses whether a currency is exchangeable into another currency at a measurement date and for a specified purpose. When a currency is not exchangeable, the entity has to estimate a spot exchange rate.
	According to the amendments, companies will have to provide new disclosures to help users assess the impact of using an estimated exchange rate on financial statements. These disclosures may include:
	a) the nature and financial effects of the currency not being exchangeable into the other currency; b) the spot exchange rate used; c) the estimation process; and d) the risks to which the entity is exposed because of the currency not being exchangeable into the other currency.
Amendments to IFRS 9 and IFRS 7 Classification and	The amendments made to IFRS 9 result from the post-implementation review process of 01 January 2026 the "Classification and measurement" chapter, in which the IASB identified some aspects to be clarified to improve understanding: a) Classification and measurement of financial assets - Instruments with complex
measurement of financial instruments	contractual characteristics b) Hedge Accounting - Changes in Hedge Instruments c) Expected credit loss (ECL) model
	Amendments to IFRS 7: a) Effect of transitioning to new interest rates benchmark b) Additional disclosures on risk management, in particular liquidity risk c) c) Fair value disclosures with an emphasis on transparency and comparability

STANDARDS, AMENDMENTS AND INTERPRETATIONS TO BE ADOPTED IN SUBSEQUENT PERIODS

IFRS 18 – Presentation and disclosure in	The IASB issued IFRS 18 in April 2024 to improve the presentation of financial statements in 01 January 2027 several areas.
financial statements	The main amendments to this Standard are:
	a) Providing a more structured income statement. Specifically, it introduces a new subtotal "operating profit or loss" and the requirement that all income and expenses be classified into three new separate categories based on an entity's main business activities: Operating, Investing and Financing;
	b) Requirement for entities to analyse their operating expenses directly on the face of the income statement – either by nature, by function or in combination.
	c) Requirement for some of the "non-GAAP" measures that the Entity/Group uses
	to be reported in the financial statements. IFRS 18 defines management-defined performance measure (MPM or non-GAAP Performance Measures) as a subtotal of income
		• in public communications outside financial statements; and • to communicate management's view of the financial performance.
	IFRS 18 requires entities to disclose information about all its MPMs in a single note to the
	financial statements. These include: how the measure is calculated; how it provides useful
	information; and a reconciliation to a value determined in accordance with IFRS.
	d) Introduction of improved guidelines on how entities group information in
	financial statements. It provides guidance on whether material information should be included in the primary financial statements or in the notes.
	This standard replaces IAS 1 and must be adopted by 1 January 2027 and applies retrospectively, with comparatives required from the previous period (2026).
IFRS 19 – Disclosures of subsidiaries not subject to public accountability	On 9 May 2024, the International Accounting Standards Board (the IASB or Board) issued 01 January 2027 the new standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures, which allows eligible subsidiaries to use IFRS with reduced disclosures. The application of IFRS 19 will reduce the costs of preparing the financial statements of subsidiaries, while maintaining the usefulness of the information for the users of their financial statements.
	A subsidiary may elect to apply the new standard in its consolidated, individual or separate financial statements, provided that, at the reporting date:
	a) it has no public accountability;
	b) its parent prepares consolidated financial statements which comply with IFRS.
	A subsidiary that applies IFRS 19 is required to make an explicit and unreserved statement of compliance with IFRS that IFRS 19 has been adopted.
	IFRS 19 is effective for annual reporting periods beginning on or after 1 January 2027. The standard is applied retrospectively.
	IFRS 19, entitled "Subsidiaries without Public Accountability: Disclosures", was issued by the
	International Accounting Standards Board (IASB) in May 2024.
	This standard aims to specify reduced disclosure requirements that an eligible entity can apply instead of the disclosure requirements set out in other IFRS standards.

With respect to the above standards, which are not yet mandatory, the Group has not yet completed the calculation of all impacts arising from their application and has therefore elected to apply them early.

1.6. MAIN ESTIMATES AND JUDGEMENTS

The preparation of interim consolidated financial statements requires the use of estimates and judgements that affect the amounts of income, expenses, assets, liabilities and disclosures at the date of the consolidated financial position. To that end, the Board's estimates and judgements are based on:

• the best information and knowledge of current events and in certain cases on the reports of independent experts, and
• the actions that the Group considers it may have to take in the future.

On the date on which the operations take place, the outcome could differ from those estimates.

SIGNIFICANT ESTIMATES AND JUDGEMENTS

Estimates and judgements	Notes
Business combinations	1.2 – Acquisition of ACROLL Group's consumer tissue business in the United Kingdom
Recoverability of Goodwill and brands	3.1 – Goodwill 3.2 – Intangible assets
Uncertainty over Income Tax Treatments	6.1 – Income tax for the period 6.2 – Deferred taxes
Actuarial assumptions	7.2 – Employee benefits
Fair value of biological Assets	3.7 – Biological assets
Recognition of provisions	9.1 – Provisions
Recoverability, useful life and depreciation of property, plant and equipment	3.3 – Property, plant and equipment

2 OPERATIONAL PERFORMANCE

2.1. REVENUE AND SEGMENT REPORTING

ACCOUNTING POLICIES

SEGMENT REPORTING

In accordance with IFRS 8, an operating segment is a component of an entity:

• i) business activities that can generate revenues and incur expenses (including revenues and expenses related to transactions with other components of the same entity);
• ii) whose operating results are regularly reviewed by the entity's chief operating decision-maker for the purpose of making decisions about allocating resources to the segment and evaluating its performance; and
• iii) for which different information is available.

Semapa's Executive Committee and the different subsidiaries are the main responsible for the Group's operational decisions, periodically and consistently analysing the reports on the financial and operating information of each segment. The reports are used to monitor the operational performance of its businesses and decide on the best allocation of resources to the segment, as well as the evaluation of its performance and strategic decision-making.

The information used in segment reporting corresponds to the financial information prepared by the Group. Intrasegmental sales correspond to sales between business segments (at market prices), which are eliminated for consolidation purposes, being this effect reported in Cancelations.

During 2023 and following the acquisitions made, the Semapa Group reorganised the operating segments reported based on the financial information prepared by the Group and the disclosure requirements of IFRS 8. As part of this reorganisation, management has defined the following as reportable segments:

• Pulp and paper: includes the activities of the subsidiary Navigator;
• Cement and derivatives: includes the activities of the subsidiary Secil;
• Other activities: includes the activities of the subsidiaries ETSA and Triangle's, which are not separately disclosed due to their small size;
• Holdings: includes the Group's management activities;

PULP AND PAPER

The Group's main business is the production and sale of writing and printing thin paper (UWF) and domestic consumption paper (Tissue), and it is present in the entire value-added chain, from research and development of forestry and agricultural production to the purchase and sale of wood and the production and sale of bleached eucalyptus kraft pulp—BEKP—and electric and thermal energy, as well as its commercialisation.

The Navigator Group has five industrial plants. BEKP, energy and UWF paper are produced in two plants located in Figueira da Foz and Setúbal. BEKP energy and tissue paper are also produced in a plant located in Aveiro where it produces BEKP pulp, energy and tissue paper, and two others located in Vila Velha de Ródão and Ejea de los Caballeros where it only produces tissue paper.

In May 2024, the Navigator Group increased its converting capacity by acquiring all the shares representing the share capital of Accrol Group Holdings plc, a leader in the tissue paper processing segment in the United Kingdom and based in 5 sites: Blackburn (paper rolls and facials); Leicester (paper rolls); Leyland (paper rolls); Flint (wet wipes) and Bridgewater (wet wipes).

Wood and cork are produced from woodlands owned or leased by the Group in Portugal and Spain, and also form granted lands in Mozambique. The production of cork and pine wood are sold to third parties while the eucalyptus wood is mainly consumed in the production of BEKP.

A significant portion of the Group's own BEKP production is consumed in the production of UWF and tissue paper in Aveiro. Sales of BEKP, UWF and tissue paper are made to more than 130 countries around the world.

Energy is produced through cogeneration plants and two independent thermoelectric plants.

CEMENT AND DERIVATIVES

The Cement and derivatives segment is led by Secil – Companhia Geral de Cal e Cimento, S.A., which has a strong presence in the cement industry, being a business group with several operations in Portugal and in several countries around the world (Secil Group).

The main product marketed by the Secil Group is cement. The sale of ready-mixed concrete, aggregates, mortars and precast concrete constitutes a verticalisation of the cement segment allowing the Group to obtain synergies.

Secil Group has 3 cement plants in Portugal, Secil-Outão, Maceira-Liz and Cibra-Pataias, and the cement is sold in its various forms (in bulk or bagged, on pallets or big bags) through the different trading hubs owned by the Group. The Secil Group also owns other factories located in Brazil, Tunisia, Lebanon and Angola.

A significant factor in the marketing of cement is the transportation cost, which is why the Secil Group maintains a private wharf in Secil-Outão, a sea terminal in Spain and a sea terminal in the Netherlands.

With regards to cement "derivatives", the ready-mixed concrete represents the greatest weight in the Group's revenue, with the Secil Group owning several production and marketing centres in Portugal, Spain, Tunisia, Lebanon and Brazil.

Secil Group has also the licence to exploit several quarries, from which it extracts materials for incorporation in cement production or commercialisation as aggregates.

OTHER BUSINESSES

Other businesses includes the Group's smaller activities. Of particular note are the production of e-bike frames by the subsidiary Triangle's and the provision of services related to the cumulative recovery of animal by-products and food products containing substances of animal origin and the sale of the resulting products for incorporation into the production of fertilisers, animal feed and biodiesel developed by the ETSA Group.

HOLDINGS

This segment refers to the management activities of the Semapa Group, that is, the services rendered by Semapa to its subsidiaries in various areas such as strategic planning, legal, financial, accounting, tax, talent management, among others, while incurring in payroll expenses and the contracting of specialised services.

Since 2018, this segment has included the new venture capital unit, which has not yet been recognised overall in the Group's financial information.

REVENUE

Revenue is presented by operating segment and by geographic area, based on the country of destination of the goods and services sold by the Group.

Revenue recognition in each operating segment is described as follows:

Pulp and paper

Commercial contracts with customers refer essentially to the sale of goods such as paper, pulp, tissue and energy, and to an extent limited to the transportation of those goods, when applicable.

Paper revenue refers to sales made through Retail Stores (B2C) or Commercial Distributors (B2B) which include large distributors, wholesalers or commercial operators. Revenue is recognised at a specific time, when control is transferred in accordance with the agreed incoterm, at the amount of the performance obligation satisfied, and the price of the transaction is a fixed amount invoiced based on quantities sold, less cash discounts and quantity discounts, which are reliably estimated.

Pulp revenue results from sales to international paper producers. Revenue is recognised at a specific time, by the amount of the performance obligation satisfied, the price of the transaction corresponding to a fixed amount invoiced on the basis of quantities sold, less cash discounts and quantity discounts, which are reliably determinable. On the export side, the transfer of control of the products occurs in general when there is a transfer of control to the customer, according to the Incoterms negotiated.

Tissue revenue results from sales of tissue paper produced for the private label of modern national and international retail chains. Revenue is recognised at a specific time by the amount of the performance obligation satisfied, and the price of the transaction corresponds to a fixed amount invoiced according to the quantities sold. Revenue is recognised against the delivery of the product, at which time the transfer of control over the product is deemed to take place.

The energy revenue results from the valuation of the energy delivered to the National Energy Network or sold on the market, as metered, valued at the tariff defined in the agreement for an ongoing 25-year period in the first case or at the market price in the second case.

Cement and derivatives

Cement

A significant part of Secil Group revenue relates to the sale of grey cement, in bulk or bagged, in pallets or packets. The form of cement packaging and delivery point depends on the size of the customer.

Secil Group's main customers are industrial companies in the area of concrete, prefabricated and civil construction and consortia associated with the construction of highly complex technical works such as dams and bridges. The sale of bagged cement to the end consumer is residual and is assured through local resellers.

Secil supplies its products in its factories and trading hubs and ensures transport to the customer's premises by subcontracting the transport, in which case there are two performance obligations, to which Secil allocates the transaction price based on the sales price.

Revenue is recognised at a specific time, when the control is transferred, by the amount of the performance obligation satisfied. The transaction price results from the price lists in force adjusted by cash discounts and quantity discounts, granted to customers, depending on whether they are resellers or industrial customers, as described in the general terms and conditions of sale. For large customers and specific projects, the prices and discount conditions are fixed by contract, on an individual basis.

The discounts granted are a variable component of the price which is considered in determining the revenue recorded on the date of delivery of the product to the customer, which corresponds to the date of transfer of control of the products.

On the export side, the transfer of control of the products generally takes place when there is a transfer of control to the customer, according to the Incoterms negotiated.

Materials

The Materials business line concerns cement "derivatives": ready-mixed concrete, aggregates, mortars and prefabricated concrete.

Revenue from Materials is recognised, at a specific moment, on the date of delivery of the product to the customer, even if the contract involves phased deliveries, due to the different phases of the work and quantities to be moved.

Revenue is recognised by the amount of the performance obligation satisfied, the price of the transaction corresponding to a fixed amount invoiced according to the quantities sold, with the granting of quantity discounts (rappel) that can be reliably determined.

With regards to mortars, the rental of site equipment for the storage, mixing and application of mortars corresponds to a separate performance obligation with a stand-alone sales price less any discounts granted.

Prefabricated concrete essentially refers to the marketing of standard prefabricated materials, and there is no production of prefabricated materials at the specific request of customers. In this business area the Group recognises the revenue of all products with the delivery of the product to the customer.

Other businesses

Revenue recorded refers to the sale of products and the rendering of services.

Product sales mainly concern e-bike frames, fat, flour (for the feed industry) and oils (for the biodiesel market). Revenue is recognised, at a specific moment, when the products are delivered to the customer's premises or location designated by the customer, at which time the transfer of control to the customer is considered to occur.

These services are mainly provided by the ETSA Group and relate to:

• collection and treatment of Category 1 and 2 material from farmed and domestic animal carcases, in accordance with the contract with DGAV – Direcção Geral de Alimentação e Veterinária, as well as from slaughterhouses and other conventional collection centres; and
• packing in refrigerated equipment, collection, transport, sorting and unpacking of Category 3 materials (meat and fish) and other foodstuffs (fresh or frozen), in bulk or packaged, in the network of modern retail shops and town markets.

Revenue recognition is made on a monthly basis for services rendered on a regular and uniform basis to the modern retail network. As for the contract with DGAV, revenue is recognised for each service rendered, as calculated on a monthly basis.

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

SEGMENT REPORTING

When aggregating the Group's operating segments, the Board of Directors defined as reportable segments those that correspond to each of the business areas developed by the Group: Pulp and Paper, Cements and Derivatives, Other Businesses and Holdings, consistent with the way the Semapa Group's management team monitors and analyses performance.

FINANCIAL INFORMATION BY OPERATING SEGMENT IN 2023 AND 2022

FINANCIAL INFORMATION BY OPERATING SEGMENT IN 2023 AND 2022
1H 2024
Amounts in Euro	Note	Pulp and Paper	Cement	Other businesses	Holdings	Intra-group cancellations	Total
					9,563,520
Revenue		1,065,534,120	345,793,545	27,752,117		(10,129,078)	1,438,514,224
Other income (a)	2.2	37,504,753	47,723,048	679,115	143	-	85,907,059
Cost of goods sold and materials consumed	2.3	(441,017,459)	(113,176,349)	(10,838,689)	-	-	(565,032,497)
External services and supplies	2.3	(234,690,231)	(119,829,321)	(8,174,039)	(2,918,945)	10,129,078	(355,483,458)
Other expenses (b)	2.3	(128,573,011)	(84,008,837)	(7,193,212)	(5,004,953)	-	(224,780,013)
Depreciation and amortisation	3.6	(80,411,056)	(27,799,849)	(7,524,348)	(135,541)	-	(115,870,794)
Impairment losses on non-financial assets	3.6	(625,883)	507,423	-	-	-	(118,460)
Net provisions	9.1	247,762	(2,775,978)	-	-	-	(2,528,216)
Interest expense	5.10	(15,749,694)	(13,704,345)	(356,130)	(9,470,887)	154,886	(39,126,170)
Group share of (loss) / gains of associates and joint ventures	10.3	-	(72,070)	-	1,823,822	-	1,751,752
Other financial gains and losses	5.10	5,299,453	(176,516)	(43,272)	5,590,606	(154,886)	10,515,385
Profit before income tax		207,518,754	32,480,751	(5,698,458)	(552,235)	-	233,748,812
Income tax	6.1	(54,197,659)	(4,176,798)	1,818,103	293,631	-	(56,262,723)
Net profit for the period		153,321,095	28,303,953	(3,880,355)	(258,604)	-	177,486,089
Attributable to equity holders		107,284,009	28,626,087	(3,826,218)	(258,604)	-	131,825,274
Non-controlling interests	5.6	46,037,086	(322,134)	(54,137)	-	-	45,660,815
OTHER INFORMATION
Total segment assets		3,022,441,574	1,467,909,572	370,128,017	247,584,562	(16,450,753)	5,091,612,972
Goodwill	3.1	227,122,976	174,328,263	186,981,326	-	-	588,432,565
Intangible assets	3.2	214,861,608	309,913,526	45,578,274	-	-	570,353,408
Property, plant and equipment	3.3	1,333,061,121	520,551,177	79,377,835	398,936	-	1,933,389,069
Biological assets	3.7	117,159,175	-	30,936	-	-	117,190,111
	6.2	58,898,305	37,268,460	4,853,748	30,532,959	(658,828)	130,894,644
Deferred tax assets	10.3	-	2,449,691	-	41,869,769	-	44,319,460
Investments in associates and joint ventures	5.9	61,943,324	103,551,019	1,923,540	80,291,372	-	247,709,255
Cash and cash equivalents		1,824,123,892	997,794,046	75,433,072	324,627,323	(16,450,753)	3,205,527,580
		726,407,292	368,241,678	12,861,951	271,915,036	(4,500,000)	1,374,925,957
Total segment liabilities			39,451,540	1,024,034	500,860	-	156,751,992
Interest-bearing liabilities	5.7
Lease liabilities	5.8	115,775,558		8,600,023	44,428	-	133,538,970
Acquisition of proferty, plant and equipment (c)	3.3	93,289,783	31,604,736
(a) Includes "Other operating income" and "Changes in the fair value of biological assets"
(b) Includes "Changes in production", "Payroll costs" and "Other operating expenses"
(c) Includes acquisitions made through business combinations
NOTE: The amounts presented by operating segment may differ from those presented individually by each Group, as a result of adjustments to harmonisation and
fair value made on consolidation.

Total segment assets		3,022,441,574	1,467,909,572	370,128,017	247,584,562	(16,450,753)	5,091,612,972
Goodwill	3.1	227,122,976	174,328,263	186,981,326			588,432,565
Intangible assets	3.2	214,861,608	309,913,526	45,578,274			570,353,408
Property, plant and equipment	3.3	1,333,061,121	520,551,177	79,377,835	398,936		1,933,389,069
Biological assets	3.7	117,159,175		30,936			117,190,111
Deferred tax assets	6.2	58,898,305	37,268,460	4,853,748	30,532,959	(658,828)	130,894,644
Investments in associates and joint ventures	10.3		2,449,691		41,869,769		44,319,460
Cash and cash equivalents	5.9	61,943,324	103,551,019	1,923,540	80,291,372		247,709,255
Total segment liabilities		1,824,123,892	997,794,046	75,433,072	324,627,323	(16,450,753)	3,205,527,580
Interest-bearing liabilities	5.7	726,407,292	368,241,678	12,861,951	271,915,036	(4,500,000)	1,374,925,957
Lease liabilities	5.8	115,775,558	39,451,540	1,024,034	500,860		156,751,992
Acquisition of proferty, plant and equipment (c)	3.3	93,289,783	31,604,736	8,600,023	44,428		133,538,970

1H 2023	Note	Pulp and Paper	Cement	Other businesses	Holdings	Intra-group cancellations	Total
Amounts in Euro Revenue		979,470,806	339,876,117	24,926,286	8,083,400	(8,135,169)	1,344,221,440
Other income (a)	2.2	27,104,045	49,841,493	123,362	1,755	-	77,070,655
Cost of goods sold and material consumed	2.3	(468,418,834)	(123,021,739)	(7,399,801)	-	-	(598,840,374)
External services and supplies	2.3	(195,478,931)	(106,018,645)	(5,804,785)	(3,845,958)	8,135,169	(303,013,150)
Other expenses (b) Depreciation and amortisation	2.3 3.6	(89,676,760) (71,701,399)	(89,174,819) (26,514,053)	(4,779,432) (1,765,740)	(4,520,581) (123,872)	- -	(188,151,592) (100,105,064)
Impairment losses on non-financial assets	3.6	(823)	(2,597,476)	-	-	-	(2,598,299)
Net provisions	9.1	(1,289,652)	(2,430,556)	-	-	-	(3,720,208)
Interest expense	5.10	(13,006,253)	(12,932,193)	(62,474)	(5,544,926) - 1,167,180	430	(31,545,416)
Group share of (loss) / gains of associates and joint ventures	10.3	-	28,971			-	1,196,151
Other financial gains and losses Profit before income tax	5.10	4,520,901 171,523,100	(9,423,190) 17,633,910	44,351 5,281,767	3,122,088 (1,660,914)	(430) -	(1,736,280) 192,777,863
Income tax	6.1	(39,591,511)	3,080,317	(413,363)	(9,207,337)	-	(46,131,894)
Net profit for the period		131,931,589	20,714,227	4,868,404	(10,868,251)	-	146,645,969
Attributable to equity holders		92,297,019	21,396,584	4,806,504	(10,868,251)	-	107,631,856
Non-controlling interests	5.6	39,634,570	(682,357)	61,900	-	-	39,014,113
OTHER INFORMATION (31-12-2023)
Total segment assets		2,726,084,522	1,393,831,611	382,999,273	197,201,700	(25,185,603)	4,674,931,503
Goodwill Intangible assets	3.1 3.2	127,064,070 197,686,240	178,483,507 309,982,788	186,840,327 48,832,606	- -	- -	492,387,904 556,501,634
Property, plant and equipment	3.3	1,253,099,532	531,364,146	74,821,705	405,109	-	1,859,690,492
Biological assets	3.7	115,591,979	-	30,270	-	-	115,622,249
Deferred tax assets	6.2	23,653,501	38,526,901	4,213,349	36,081,684	(853,313)	101,622,122
Investments in associates and joint ventures	10.3	-	1,699,538	-	42,475,844	-	44,175,382
Cash and cash equivalents Total segment liabilities	5.9	169,464,967 1,540,704,913	60,614,596 940,001,747	11,311,135 84,564,970	39,766,029 328,388,055	- (25,185,603)	281,156,727 2,868,474,082
Interest-bearing liablities	5.7	659,344,463	348,697,373	26,555,505	272,638,404	(14,083,577)	1,293,152,168
Lease liabilities	5.8	69,996,821	32,385,479	1,085,613	509,053	-	103,976,966
Acquisition of property, plant and equipment	3.3	221,222,253	43,877,337	19,922,661	27,898	-	285,050,149
(a) Includes "Other operating income" and "Changes in the fair value of biological assets"
(b) Includes "Changes in production", "Payroll costs" and "Other operating expenses"
NOTE: The amounts presented by operating segment may differ from those presented individually by each Group, as a result of adjustments to harmonisation and
fair value made on consolidation.
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC LOCATION
				30/06/2024		31/12/2023
Amounts in Euro			1,521,582,383		78.70%	1,578,842,714	84.90%
			142,822,964		7.39%	5,781,787	0.31%
Portugal			177,328,280		9.17%	191,470,426	10.30%
Rest of Europe			57,625,814		2.98%	55,385,221	2.98%
America							1.52%
Africa
Asia			34,029,628		1.76%	28,210,344
			1,933,389,069	100.00%		1,859,690,492	100.00%
REVENUE BY BUSINESS SEGMENT, BY GEOGRAPHIC AREA AND BY RECOGNITION PATTERN
1H 2024

PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC LOCATION

Amounts in Euro

REVENUE BY BUSINESS SEGMENT, BY GEOGRAPHIC AREA AND BY RECOGNITION PATTERN

(a) Includes "Other operating income" and "Changes in the fair value of biological assets" (b) Includes "Changes in production", "Payroll costs" and "Other operating expenses" NOTE: The amounts presented by operating segment may differ from those presented individually by each Group, as a result of adjustments to harmonisation and fair value made on consolidation.
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC LOCATION
Amounts in Euro
REVENUE BY BUSINESS SEGMENT, BY GEOGRAPHIC AREA AND BY RECOGNITION PATTERN
1H 2024	Pulp and Paper	Cement	Other businesses	Holdings	Total amount	Total
Amounts in Euro						%
Portugal	155,553,742	192,575,317	11,380,964	9,166	359,519,189	24.99%
Rest of Europe	649,717,899	33,654,873	15,917,984		- 699,290,756	48.61%
America	85,381,740	60,293,555	-		- 145,675,295	10.13%
Africa	101,516,201	36,658,914	-		- 138,175,115	9.61%
Asia	73,223,424	22,036,161	453,170		- 95,712,755	6.65%
Oceania	141,114	-	-		- 141,114	0.01%
	1,065,534,120	345,218,820	27,752,118	9,166	1,438,514,224	100.00%
Recognition pattern
At a certain point in time Over time	1,065,534,120 -	345,218,820 -	27,752,118 -	9,166	1,438,514,224 - -	100.00% 0.00%

Total	1H 2023
Pulp and Paper Cement Other businesses Total amount %
	Amounts in Euro
171,622,214 179,654,168 15,369,213 366,645,595 27.28%	Portugal
546,836,594 31,070,478 8,247,296 586,154,368 43.61%	Rest of Europe
47,854,280 61,279,838 - 109,134,118 8.12%	America
83,617,100 44,904,077 - 128,521,177 9.56%	Africa
129,425,626 22,916,408 1,309,782 153,651,816 11.43%	Asia
114,366 - - 114,366 0.01%	Oceania
979,470,180 339,824,969 24,926,291 1,344,221,440 100.00%
	Recognition pattern
979,470,180 339,824,969 17,277,144 1,336,572,293 99.43% - - 7,649,147 7,649,147 0.57%	At a certain point in time Over time

The revenue presented in different business and geographical segments corresponds to revenue generated with external customers based on the final destiny of the products and services commercialised by the Group, not representing any of them, individually, 10% or more of the overall revenue of the Group.

2.2. OTHER OPERATING INCOME

OPERATING GRANTS AND GRANTS RELATED TO BIOLOGICAL ASSETS

ACCOUNTING POLICIES
OPERATING GRANTS AND GRANTS RELATED TO BIOLOGICAL ASSETS
Government grants are only recognised when there is a reasonable assurance that the grant will be received, and the Group will comply with all required conditions. Operating grants, received with the purpose of compensating the Group for costs incurred, are systematically recorded in the income statement during the periods in which the costs that those grants are intended to compensate are recorded. Grants related to biological assets (Note 3.7) carried at the fair value, in accordance with IAS 41, are recognised in the income statement when the terms and conditions of the grant are met.
In the first half of 2024 and 2023, Other operating income is detailed as follows:
Amounts in Euro	1H 2024	1H 2023
Grants - CO2 Emission allowances	53,002,301	62,975,673
Operating grants	2,115,574	3,066,032
Reversal of impairment on receivables	4,766,871	-
Reversal of impairment on inventories	1,648,643	-
Gains on disposal of non-current assets	3,623,293	456,033
Compensation received	1,985,865	645,731
Own work capitalised	1,579,795	1,095,014
Gains on disposal of current assets	-	86,988
Supplementary gains	934,398	494,813
Regulation reserve band - REN	4,239,168	3,101,367
Income from waste treatment	656,064	755,086
Gains on inventories	446,086	297,862
Recovery/settlement of bad debts	6,423	-
Other operating income	9,334,716 84,339,197	6,993,455 79,968,054

2.3. OTHER OPERATING EXPENSES

The amount recorded under Grants - CO2 emission allowances corresponds to the recognition of the free allocation of emission allowances, which are mostly offset with the expense recognised for the issue/consumption of allowances granted free of charge, so the reduction does not significantly impact the Group's net income for the period.
Operating grants include Euro 1,202,793 (Euro 999,843 in 2023) relating to grants awarded under the Recovery and Resilience Plan (PRR). This caption also includes grants awarded for research and development projects carried out by the RAIZ institute.
The caption Impairment reversal on receivables includes the amount of Euro 1,078,213 related to the impairment reversal on Trade receivables from Egypt and Euro 3,687,917 related to Mozambique.
Other operating income includes Euro 7,107,596 (Euro 3,651,412 in 2023) relating to the sale of UWF paper and tissue waste.
2.3. OTHER OPERATING EXPENSES
In the first half of 2024 and 2023, Other operating expenses is detailed as follows:
Amounts in Euro	Note	1H 2024	1H 2023
Cost of goods sold and materials consumed		565,032,497	598,840,374
Changes in production		(11,998,126)	(28,173,578)
External services and supplies
Energy and fluids		98,562,811	62,098,175
Transportation of goods		99,045,173	94,272,964
Specialised work		61,563,280	60,137,673
Maintenance and repair		39,948,986	36,926,455
Fees		4,444,427	3,021,077
Insurance		10,677,127	8,239,706
Subcontracts		1,272,632	804,466
Other		39,969,022	37,512,634
		355,483,458	303,013,150
Payroll costs	7.1	164,406,941	140,278,165
Other operating expenses
Membership fees		1,340,931	719,962
Donations		473,255	274,127
Expenses with CO2 emissions		52,219,358	61,236,655
Impairment on receivables		1,947,827	(1,701,187)
Impairment on inventories	4.1	5,913,587	6,448,632
Other inventory losses		4,064,003	3,156,001
Indirect taxes		4,213,709	1,996,661
Losses on disposal of non-current assets		11,544	56,204
Other operating expenses		2,186,984	3,859,950
		72,371,198	76,047,005
Net provisions	9.1	2,528,216	3,720,208
			1,093,725,324
Total operating expenses		1,147,824,184

Impairment losses on receivables corresponds, essentially, to the amount of impairment losses on trade receivables from Egypt.

In 2024, the caption Impairment losses on inventories includes the recognition of an impairment on Navigator North America's Slow Movers in the amount of Euro 3,215,908.

In the six-month period ended 30 June 2024, the increase in Other inventory losses resulted mainly from wood inventory adjustments (Euro 1,832,968), pulp in suspension (Euro 176,624) and baled pulp (Euro 158,722).

3 INVESTMENTS

3.1. GOODWILL

ACCOUNTING POLICIES

Goodwill represents the difference between the fair value of the cost of acquisition and the fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiaries included in the consolidation on the acquisition date and is allocated to each Cash Generating Unit (CGU) or to the lower group of CGUs to which it belongs.

Amortisation and impairment	Goodwill is not amortised. The Group carries out annual impairment tests on goodwill, or where there are signs of impairment. The recoverable amounts of cash-generating units are determined as the higher of value in use and fair value less cost of sale. Impairment losses on goodwill cannot be reversed.
Disposals and loss of	Gains or losses arising from the sale or loss of control over an entity or business to which Goodwill is allocated include
control	the amount of the corresponding goodwill.
Acquisitions in a currency other than the presentation currency	Goodwill generated on the acquisition of a foreign entity is recorded in the functional currency of that entity and converted into the reporting currency of the Group (Euro), at the exchange rate prevailing at the balance sheet date. Exchange differences generated in this conversion are recorded under Currency translation reserve (Note 5.5) as other comprehensive income.
Tax deductibility GOODWILL – NET AMOUNT	Derived from the current tax legislation in Portugal, it is not expected that Goodwill generated or to be recognised will be tax deductible. In other geographies where the Group operates, a differentiated tax treatment is applied.
in Note 2.1, as follows:	Goodwill is attributed to the Group's cash generating units (CGU's) that correspond to the operating segments identified
Amounts in Euro	30/06/2024	31/12/2023
Pulp and Paper	227,122,976	127,064,070
Cement	174,328,263	178,483,507
Other businesses
Environment	38,936,950	38,936,950
Mobility	148,044,376	147,903,377

GOODWILL – NET AMOUNT

Other businesses
	588,432,565	492,387,904

MOVEMENTS IN THE PERIOD

MOVEMENTS IN THE PERIOD
Amounts in Euro	30/06/2024	31/12/2023
Net book value at the beginning of the period	492,387,904	338,806,427
Acquisitions	99,680,088	152,059,918
Exchange rate adjustment	(3,635,427)	1,521,559
Net book value at the end of the period	588,432,565	492,387,904
On 24 May 2024, the subsidiary Navigator concluded a public takeover bid, in the form of a "Recommended Firm Cash Offer", for the entire share capital of Accrol Group Holdings Plc (Accrol), a company based in Blackburn, England, which

On 24 May 2024, the subsidiary Navigator concluded a public takeover bid, in the form of a "Recommended Firm Cash Offer", for the entire share capital of Accrol Group Holdings Plc (Accrol), a company based in Blackburn, England, which holds 9 subsidiaries, 3 of which operational. Accrol is a leading tissue paper processing in the UK, producing private label toilet rolls, kitchen rolls and facial tissues for most of the major retailers in the UK.

As part of this acquisition, the consideration transferred amounted to Euro 153,765,150 (GBP 130,823,389) and an initial goodwill of Euro 99,539,089 was recorded.

As at this date, the Group is carrying out the necessary procedures to recognise and measure the identifiable assets acquired, the liabilities assumed and consequently the calculation of the goodwill, in accordance with IFRS 3. This valuation was carried out by external specialised and independent valuers.

On 31 March 2023, the Navigator Group acquired all the shares representing the share capital of Gomà-Camps Consumer, S.L.U., based in Zaragoza, Spain, which in turn holds the entire share capital of Gomà-Camps France SAS, based in Castres, France. These companies have been renamed Navigator Tissue Ejea, S.L.U. and Navigator Tissue France SAS, respectively. The Enterprise Value of this acquisition amounted to Euro 60,951,811 and was realised entirely in cash and cash equivalents, with no contingent consideration associated with this acquisition.

The initial acquisition difference of Euro 34,037,142 was deducted from the fair value attributed to property, plant and equipment and intangible assets acquired in the amount of Euro 38,240,800 and Euro 1,600,00, respectively, as well as the associated deferred tax liabilities, in the amount of Euro 9,960,200, resulting in final goodwill of Euro 4,156,542.

In June 2023, Semapa, through its subsidiary Aphelion, S.A., acquired 100% of the shares of Triangle's - Cycling Equipments, S.A., a company located in Águeda, Portugal. The purchase price paid was Euro 178,791,014 million, including Euro 12,050,000 million in shareholder credits and an additional potential component to be paid by 2027, depending on the company's performance and the fulfilment of certain conditions.

The difference of Euro 188,747,556 has been deducted from the fair value of the acquired property, plant and equipment and intangible assets of Euro 5,037,800 and Euro 51,299,000 respectively and the related deferred tax liabilities of Euro 15,492,620. As at 30 June 2024, the final goodwill amounts to Euro 148,044,376 million.

3.2. INTANGIBLE ASSETS

ACCOUNTING POLICIES

Intangible assets are stated at cost of acquisition, deducted of accumulated amortisation and impairment losses, using the straight-line method, over a period between 3 to 5 years and annually for CO2 emission rights.

Given the absence of accounting standards for the recognition and measurement of CO2 allowances, the policy defined by the management is as follows:

CO2 Emission Rights
Recognition of free allowances and subsequent measurement	CO2 emission allowances attributed to the Group within the European Union Emissions Trading Scheme (EU ETS) for the assignment of CO2 emission allowances at no cost, gives rise to an intangible asset for the allowances, a grant and a liability for the obligation to deliver allowances equal to the emissions that have been made during the compliance period.
	Emission allowances are only recorded as intangible assets when the Group is able to exercise control and are measured at fair value (level 1) at the date of initial recognition. When the market value of the emission allowances falls significantly below its book value and such decrease is considered permanent, an impairment charge is booked for allowances which the group will not use internally.
	The liability to deliver allowances is recognised based on actual emissions (Note 4.3 – Payables and other current liabilities). This liability will be settled using allowances on hand, being measured at the book value of those allowances. Any additional emissions are measured using the market value as of the balance sheet date.
Recognition in the income statement	In the Consolidated Income Statement, the Group expenses, under Other costs and losses, actual emissions at fair value at the grant date, except for acquired allowances, where the expense is measured at their purchase price. Such costs will offset other operating income resulting from the recognition of the original grant (also recognised at fair value at grant date) as well as any disposal of excess allowances.
	The effect on the Income statement will, therefore, be neutral regarding the consumption of granted allowances. Any net effect on the Income Statement will result from the purchase of additional allowances to cover excess emissions, from the sale of effective consumption or from impairment losses on allowances acquired that are not used at operational level.
Brands
Recognition and initial measurement	Whenever brands are identified in a business combination, the Group records them separately and these are measured at fair value on the acquisition date.
Subsequent measurement and	At cost, net of accumulated impairment losses. Brands are not subject to amortisation as their useful life is indefinite.
impairment	The Group annually carries out impairment tests to the brands, or where there are signs of impairment.

INTANGIBLE ASSETS DEVELOPED INTERNALLY

ACCOUNTING POLICIES

Development expenses are only recognised as intangible assets to the extent that the technical capacity to complete the development of the asset is demonstrated and that it is available for own use or commercialisation. Expenses that do not meet these requirements, namely research expenses, are recorded as costs when incurred.

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

BRANDS

As at 30 June 2024 and 31 December 2023, the net amount of brands was detailed as follows:

Amounts in Euro		30/06/2024	31/12/2023
Pulp and Paper
Navigator		107,568,000	107,568,000
Soporset		43,919,000	43,919,000
My Tissue / My Tissue Ecological +		2,400,000	2,400,000
Cement
Secil Portugal		71,700,000	71,700,000
Supremo (Brazil)*		15,472,609	17,218,746
Other businesses
Triangle's		6,748,000	6,748,000
Other		299	300
		247,807,908	249,554,046
* The value of these brands is subject to exchange rate adjustment.
CO2 ALLOWANCES
In the first half of 2024 and in 2023, the movement in CO2 allowances was as follows:
			31/12/2023
	30/06/2024
Amounts in Euro	Tonnes	Amount Tonnes	Amount
Opening balance	2,865,192	228,970,689 2,901,068	189,631,053
Allowances awarded free of charge	480,955	35,508,908 1,820,620	155,932,941
CO2 allowances returned to the Licensing Coordinating Entity	(457,990)	(38,411,618) (1,856,496)	(116,593,305)
Adjustments	-	(95,190)	- -
Impairment losses	-	(625,883)	- -
Closing balance	2,888,157	225,346,906 2,865,192	228,970,689
As at 30 June 2024 and 31 December 2023, the Group held CO2 allowances recorded in accordance with the policy
described above, as follows: Amounts in Euro		30/06/2024	31/12/2023
CO2 emission allowances (Ton)		2,888,157	2,865,192

CO2 ALLOWANCES

Other		299	300
		247,807,908	249,554,046
* The value of these brands is subject to exchange rate adjustment.
CO2 ALLOWANCES
In the first half of 2024 and in 2023, the movement in CO2 allowances was as follows:
CO2
As at 30 June 2024 and 31 December 2023, the Group held CO2 allowances recorded in accordance with the policy described above, as follows:
Amounts in Euro		30/06/2024	31/12/2023
CO2 emission allowances (Ton)		2,888,157	2,865,192
Average unit value		78.02	79.91
		225,346,906	228,970,689
Market price		66.87	78.06

CO2 emission allowances (Ton)	2,888,157	2,865,192
	225,346,906	228,970,689
Market price	66.87	78.06

MOVEMENTS IN INTANGIBLE ASSETS

MOVEMENTS IN INTANGIBLE ASSETS
		Industrial property	CO2 emission allowances	Other	Intangible
Amounts in Euro	Brands	and other rights		intangible assets	assets in progress	Total
Gross amount
Balance as at 1 January 2023	268,477,414	249,597	189,631,053	-	25,525,666	483,883,730
Change in the perimeter	-	-	-	1,939,940	-	1,939,940
Acquisitions/Attributions	2,400,000	5,148	155,932,941	7,016	9,776,940	168,122,045
Acquisitions through business combinations	6,748,000	-	-	46,151,000	-	52,899,000
Adjustments, transfers and write-offs		- (20,206,861)	(116,593,305)	34,303,932	(33,606,077)	(136,102,311)
Exchange rate adjustment	(22,029)	(271,583)	-	(224,469)	-	(518,081)
Effect of hyperinflationary economies		- 218,740	-	-	-	218,740
Balance as at 31 December 2023	277,603,385	(20,004,959)	228,970,689	82,177,419	1,696,529	570,443,063
Change in the perimeter	-	8,033,211	-	50,628,820	509,175	59,171,206
Acquisitions/Attributions	-	-	35,508,908	69,316	2,994,102	38,572,326
Adjustments, transfers and write-offs	-	18,649	(38,506,808)	(373)	(18,649)	(38,507,181)
Exchange rate adjustment	(1,690,478)	61,489	-	264,061	2,659	(1,362,269)
Balance as at 30 June 2024	275,912,907	(11,891,610)	225,972,789	133,139,243	5,183,816	628,317,145
Accumulated amortisation and impairment losses
Balance as at 1 January 2023	(28,744,594)	(75,055)	-	-	-	(28,819,649)
Change in the perimeter	-	-	-	(1,428,212)	-	(1,428,212)
Amortisation for the period	-	(358,339)	-	(4,724,419)	-	(5,082,758)
Adjustments, transfers and write-offs		- 21,038,746	-	(707,252)	-	20,331,494
Exchange rate adjustment	695,255	163,204	-	199,237	-	1,057,696
Balance as at 31 December 2023	(28,049,339)	20,768,556	-	(6,660,646)	-	(13,941,429)
Change in the perimeter	-	(4,325,507)	-	(32,570,866)	-	(36,896,373)
Amortisation for the period	-	(4,647,323)	-	(1,220,155)	-	(5,867,478)
Impairment losses for the period	-	-	(625,883)	-	-	(625,883)
Adjustments, transfers and write-offs	-	(376,590)	-	375	-	(376,215)
Exchange rate adjustment	(55,660)	(30,957)	-	(169,742)	-	(256,359)
Balance as at 30 June 2024	(28,104,999)	11,388,179	(625,883)	(40,621,034)	-	(57,963,737)
Net book value as at 1 January 2023	239,732,820	174,542	189,631,053	-	25,525,666	455,064,081
Net book value as at 31 December 2023	249,554,046	763,597	228,970,689	75,516,773	1,696,529	556,501,634
Net book value as at 30 June 2024	247,807,908	(503,431) As at 30 June 2024, there was an increase in other intangible assets as a result of the acquisition of the Accrol Group,	225,346,906	92,518,209	5,183,816	570,353,408

3.3. PROPERTY, PLANT AND EQUIPMENT

	ACCOUNTING POLICIES
Recognition and initial measurement	Property, plant and equipment acquired up to 1 January 2004 (date of transition to IFRS) are recorded at acquisition cost, or acquisition cost revaluated in accordance with accounting principles generally accepted in Portugal, up to that date, less depreciation and accumulated impairment losses.
	Property, plant and equipment acquired after transition date are recorded at acquisition cost, less depreciation and impairment losses.

Depreciation and impairment	We use the straight-line method from the moment the asset is available for use and using the rates that best reflect their estimated useful life.
	The depreciation of exploration lands results from the estimated average useful life of the land, considering the period of extraction of raw material.
	Estimated useful life (years)
	Land	14
	Buildings and other constructions	12 – 30
	Basic equipment	6 – 25
	Transportation equipment	4 – 9
	Tools	2 – 8
	Administrative equipment	4 – 8
	Returnable containers	6
	Other property, plant and equipment	4 – 10
Subsequent costs	of financial position date. When the carrying amount of the asset exceeds its realisable value, the asset is written down to the estimated recoverable amount, and an impairment charge is booked (Note 3.6). Scheduled maintenance expenses are considered a component of the acquisition cost of property, plant and equipment
	and are fully depreciated by the next forecasted maintenance date. All other repairs and maintenance costs are recognised in the income statement in the period in which they are incurred.
Spare and maintenance parts	Spare parts are considered strategic as they are directly related to production equipment and their use is expected to last for more than two economic years. Maintenance parts considered as "critical spare parts" are recorded under non current assets, as Property, plant and equipment. In accordance with this classification, spare parts are depreciated from the moment they become available for use and are assigned a useful life that follows the nature of the equipment, where they are expected to be integrated, not exceeding the remaining useful life of these.
Borrowing costs	Borrowing costs directly related to the acquisition or construction (if the construction or development period exceeds one year) of property, plant and equipment are capitalised and form part of the asset's cost.
	During the periods presented, no financial charges for loans directly related to the acquisition or construction of property, plant and equipment were capitalised.
Write-offs and disposals	Gains or losses arising from write-offs or disposals are determined by the difference between the proceeds from the disposals when applicable less transaction costs and the carrying amount of the asset and are recognised in the income statement as Other operating income (Note 2.2) or Other operating expenses (Note 2.3).

RECOVERABILITY OF PROPERTY, PLANT AND EQUIPMENT

The recoverability of property, plant and equipment requires the Board of Directors to use estimates and assumptions, namely, whenever applicable, regarding the determination of the value in use for impairment tests to the Group's cashgenerating units.

USEFUL LIFE AND DEPRECIATION

Property, plant and equipment present the most significant component of the Group's total assets. These assets are subject to systematic depreciation for the period that is determined to be their economic useful life. The determination of assets useful lives and the depreciation method to be applied is essential to determine the amount of depreciation to be recognised in the consolidated income statement of each period.

These two parameters are defined according to the best judgement of the Board of Directors for the assets and businesses in question, also considering the practices adopted by companies of the sector at the international level and the evolution of the economic conditions in which the Group operates.

MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT

Given the relevance of this estimate, the Group makes regular use of external and independent experts to assess the
adequacy of the estimates used.
MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT
		Buildings and other	Equipment and	Assets under
Amounts in Euro	Land	constructions	other tangibles	construction	Total
Gross amount
Balance as at 1 January 2023	411,970,969	1,088,895,188	5,667,682,097	158,801,634	7,327,349,888
Change in the perimeter	2,904,977	25,721,751	85,769,352	6,373,911	120,769,991
Acquisitions	-	431,490	13,416,824	227,923,235	241,771,549
Acquisitions through business combinations	2,119,100	16,487,700	24,671,800	-	43,278,600
Disposals	(153,904)	(545,990)	(4,350,607)	-	(5,050,501)
Adjustments, transfers and write-offs	(6,724,275)	7,303,481	205,992,414	(187,104,753)	19,466,867
Exchange rate adjustment	(9,628,520)	(15,925,805)	(72,687,093)	(1,014,862)	(99,256,280)
Effect of hyperinflationary economies	4,595,312	5,211,115	(39,969,001)	1,988,422	(28,174,152)
Balance as at 31 December 2023	405,083,659	1,127,578,930	5,880,525,786	206,967,587	7,620,155,962
Change in the perimeter	-	-	90,935,683	3,122,595	94,058,278
Acquisitions	781,099	34,301	9,267,996	123,455,574	133,538,970
Disposals	(1,165,660)	(43,100)	(1,893,422)	(10,873)	(3,113,055)
Adjustments, transfers and write-offs	924,900	1,664,558	41,168,002	(54,150,630)	(10,393,170)
Exchange rate adjustment	(3,984,787)	(6,450,381)	(13,572,693)	(1,507,409)	(25,515,270)
Balance as at 30 June 2024	401,639,211	1,122,784,308	6,006,431,352	277,876,844	7,808,731,715
Accumulated depreciation and impairment losses
Balance as at 1 January 2023	(95,867,153)	(753,907,395)	(4,789,117,215)	(3,528,415)	(5,642,420,178)
Change in the perimeter	-	(9,472,266)	(36,753,990)	-	(46,226,256)
Depreciation for the period	(5,268,905)	(21,070,763)	(169,809,937)	-	(196,149,605)
Impairment losses for the period	(72,910)	(1,209,964)	(5,786,474)	-	(7,069,348)
Disposals	-	520,586	4,242,831	-	4,763,417
Adjustments, transfers and write-offs	6,879,233	7,486,496	(34,767,731)	2,269,569	(18,132,433)
Exchange rate adjustment	1,097,529	11,258,046	83,205,778	517,920	96,079,273
Effect of hyperinflationary economies	(1,186,231)	(3,372,863)	53,248,754	-	48,689,660
Balance as at 31 December 2023	(94,418,437)	(769,768,123)	(4,895,537,984)	(740,926)	(5,760,465,470)
Change in the perimeter	-	-	(32,217,870)	-	(32,217,870)
Depreciation for the period	(2,667,616)	(10,959,176)	(87,280,010)	-	(100,906,802)
Impairment losses for the period	-	30,626	505,721	(28,924)	507,423
Disposals	71,859	5,747	1,782,279	-	1,859,885
Adjustments, transfers and write-offs	-	1,748,260	6,731,840	-	8,480,100
Exchange rate adjustment	376,267	1,186,077	5,835,718	2,026	7,400,088
Balance as at 30 June 2024	(96,637,927)	(777,756,589)	(5,000,180,306)	(767,824)	(5,875,342,646)
Net book value as at 1 January 2023	316,103,816	334,987,793	878,564,882	155,273,219	1,684,929,710
	310,665,222	357,810,807	984,987,802	206,226,661	1,859,690,492
Net book value as at 31 December 2023
Net book value as at 30 June 2024	305,001,284	345,027,719	1,006,251,046	277,109,020	1,933,389,069

As at 30 June 2024, Assets under construction include investments related to ongoing development projects, in particular the new recovery boiler in Setúbal (Euro 66,634,250), the new natural gas boiler in Setúbal (Euro 5,025,658), investments in wastewater treatment (Setúbal wastewater treatment plant) (Euro 4,321,917), investments in the removal of chloride and potassium ash in Aveiro (Euro 4,227,088), the rewinding machine in Aveiro (Euro 2,927,730), investments in the electric switchboard and HVAC system in Setúbal (Euro 1,144,433) and (Euro 1,916,237) respectively, the conversion of the lime kilns in Setúbal (Euro 4,000,357), the new bleaching tower in Aveiro (Euro 2,500,000), investments in the new cogeneration plants in Aveiro and Figueira da Foz (Euro 1,072,425) and (Euro 1,445,600) respectively, and investments in the photovoltaic plants in Aveiro and Figueira da Foz (Euro 804,778) and (Euro 1,161,346) respectively. The remainder is related to several projects for improving and optimising the production process.

The commitments assumed by the Group for the acquisition of property, plant and equipment are detailed in Note 9.2 - Commitments.

3.4. GOVERNMENT GRANTS

ACCOUNTING POLICIES

Government grants received to compensate the Group for investments made in Property, plant and equipment, including those attributed as tax credits, are classified as Deferred income (Note 4.3 – Payables) and are recognised in income over the estimated useful life of the respective subsidised assets, and are associated with the depreciation of the period (Note 3.6), for presentation purposes.

REPAYABLE GOVERNMENT GRANTS

Government grants, in the form of repayable loans at a subsidised rate, are discounted on the date of initial recognition based on the market interest rate at the date of grant, the value of the discount constituting the value of the grant to be amortised over the period of the loan or asset whose acquisition it is intended to finance, depending on the activities financed. These liabilities are included in Payables and other current liabilities (Note 4.3).

GOVERNMENT GRANTS – DETAILS

GOVERNMENT GRANTS – DETAILS Amounts in Euro 30/06/2024 31/12/2023 Nature AICEP investment contracts Enerpulp, S.A. Financial 142,813 179,890 Navigator Pulp Aveiro, S.A. Financial/Tax 3,222,567 3,920,318 Navigator Pulp Setúbal, S.A. Financial - 19,692
Navigator Pulp Figueira, S.A. Financial/Tax 7,113,460 7,470,505 Navigator Parques Industriais, S.A. Financial 1,721,248 1,750,927
Navigator Tissue Aveiro, S.A. Financial/Tax 9,881,824 10,242,798
Triangle'S - Cycling Equipments, S.A. Financial 5,090,659 5,174,076
Under the RPP
Navigator Forest Portugal, S.A. Financial 36,510 36,510
Viveiros Aliança, SA Financial 18,953 20,800
Navigator Pulp Aveiro, S.A. Financial 18,692,916 18,692,916
Navigator Paper Setúbal, S.A. Financial 10,980,533 10,980,533
Navigator Pulp Setúbal, S.A. Financial 21,480,000 21,480,000
Navigator Tissue Rodão, S.A. Financial 8,462,427 -
Navigator Paper Figueira, S.A. Financial 4,621,122 4,621,122
Navigator Pulp Figueira, S.A. Financial 16,408,219 16,408,219
Navigator Tissue Aveiro, S.A. Financial 12,016,679 12,016,780
Raiz Financial 2,093,527 2,157,854
SEBOL – Comércio e Industria de Sebo, S.A. Financial 3,194,039 1,127,663
ITS – Indústria Transf. de Subprod. Animais, S.A. Financial 73,595 92,397
Triangle'S - Cycling Equipments, S.A. Financial 11,799,901 11,830,001
Other
Raiz Financial 1,135,597 1,154,590
Viveiros Aliança, SA Financial - 11,610
Navigator Pulp Setúbal, S.A. Financial 4,488,046 4,488,046
Navigator Pulp Figueira, S.A. Financial 142,857 -
Navigator Tissue Ejea, SLU Financial 169,802 248,477
Secil Clean Cement Line Financial 11,869,722 10,091,069
Closing balance 154,857,018 144,216,793

GOVERNMENT GRANTS – MOVEMENTS

Other
Closing balance	154,857,018	144,216,793
GOVERNMENT GRANTS – MOVEMENTS
Opening balance	144,216,793	43,219,908
Change in the perimeter	-	4,600,031
Allocation	16,853,250	96,863,625
Charge-off	(1,973,772)	(3,715,363)
Other	(4,239,253)	3,248,592
Closing balance	154,857,018	144,216,793
Of a financial nature	139,456,171	127,982,745

Amounts in Euro	30/06/2024	31/12/2023
The attributions for the period relate to the sums allocated under the Recovery and Resilience Plan. 2024		5,942,548
2025	5,264,084	7,427,480
2026	4,339,011	3,842,322
	4,168,277
2027 2028	5,561,482	6,799,436 3,903,553
After 2028	3,776,588 131,747,576	116,301,454

3.5. RIGHT-OF-USE ASSETS

ACCOUNTING POLICIES

At the date the lease enters into force, the Group recognises a right-of-use asset at its cost, which corresponds to the initial amount of the lease liability adjusted for: i) any prepayments; ii) lease grants received; and iii) initial direct costs incurred. To the right-of-use asset, the estimate of removing and/or restoring the underlying asset and/or the location where it is located may be added, when required by the lease agreement.

The right-of-use asset is subsequently depreciated using the straight-line method, from the start date until the lower between the end of the asset's useful life and the lease term. Additionally, the right-of-use asset reduced of impairment losses, if any, and adjusted for any remeasurement of the lease liability.

The useful life considered for each class of right-of-use asset is equal to the useful life of Property, plant and equipment (Note 3.3) in the same class when there is a call option, and the Group expects to exercise it.

SHORT-TERM LEASES AND LOW-VALUE ASSET LEASES

The Group recognises payments for leases of 12 months or less and for leases of assets whose individual acquisition value is less than USD 5,000 directly as operating expenses for the period (Note 2.3), on a straight-line basis.

MOVEMENTS IN RIGHT-OF-USE ASSETS

Industrial property Amounts in Euro
and other rights	Land	Buildings and other constructions	Equipment and other tangibles	Total
Gross amount
Balance as at 1 January 2023 1,195,138	77,359,589	10,593,137	63,800,105	152,947,969
Acquisitions 11,820	12,025,249	998,008	11,724,172	24,759,249
Adjustments, transfers and write-offs -	(205,567)	(628,116)	(8,180,483)	(9,014,166)
Exchange rate adjustment -	(5,472)	(59,930)	71,951	6,549
Balance as at 31 December 2023 1,206,958	89,173,799	10,903,099	67,415,745	168,699,601
Change in the perimeter - Acquisitions -	- 4,338,020	2,764,428 1,429,718	52,156,811 12,863,612	54,921,239 18,631,350
Adjustments, transfers and write-offs -	(145,143)	(762,778)	393,143	(514,778)
Exchange rate adjustment -	(7,191)	(36,203)	(23,675)	(67,069)
Balance as at 30 June 2024 1,206,958	93,359,485	14,298,264	132,805,636	241,670,343
Accumulated amortisation and impairment losses
Balance as at 1 January 2023 (441,686)	(16,434,674)	(5,580,526)	(29,302,407)	(51,759,293)
Amortisation for the period (70,393)	(5,440,469)	(1,669,478)	(13,850,707)	(21,031,047)
Adjustments, transfers and write-offs - Exchange rate adjustment -	121,615 7,727	623,294 65,784	6,787,763 (20,908)	7,532,672 52,603
Balance as at 31 December 2023 (512,079)	(21,745,801)	(6,560,926)	(36,386,259)	(65,205,065)
Change in the perimeter -	-	(1,671,085)	(11,335,039)	(13,006,124)
Amortisation for the period (35,489)	(2,882,147)	(1,071,325)	(7,829,308)	(11,818,269)
Adjustments, transfers and write-offs -	125,519	457,807	1,673,505	2,256,831
Exchange rate adjustment -	3,295	(642)	63,150	65,803
Balance as at 30 June 2024 (547,568)	(24,499,134)	(8,846,171)	(53,813,951)	(87,706,824)
Net book value as at 1 January 2023 753,452	60,924,915	5,012,611	34,497,698	101,188,676
Net book value as at 31 December 2023 694,879	67,427,998	4,342,173	31,029,486	103,494,536
Net book value as at 30 June 2024 659,390	68,860,351	5,452,093	78,991,685	153,963,519

3.6. DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES

The item Land essentially refers to rights to use the existing land for forestry exploitation by the subsidiary Navigator, whose agreements usually have a duration of 24 years, and may be cancelled in advance if the 2nd logging takes place before the 24th year of the term. The increase in Buildings and other constructions and Equipment and other property, plant and equipment is essentially due to the acquisition of the Accrol Group (Note 1.2).
3.6. DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES
In the first half of 2024 and 2023, the caption Depreciation, Amortisation and Impairment Losses is detailed as follows:
Amounts in Euro		Note	1H 2024	1H 2023
Depreciation of property, plant and equipment for the period		3.3	101,133,810	92,949,114
Use of government grants		3.4	(2,087,290)	(2,069,560)
Depreciation of property, plant and equipment, net of grants charged-off			99,046,520	90,879,554
Impairment on property, plant and equipment - reversals			(536,347)	(14,033)
Impairment on property, plant and equipment - losses			28,924	2,611,509
Impairment on property, plant and equipment for the period		3.3	(507,423)	2,597,476
Amortisation on intangible assets for the period		3.2	5,867,478	117,875
Impairment on intangible assets		3.2	625,883	-
Impairment on intangible assets for the period			625,883	-
Amortisation of right-of-use assets for the period		3.5	11,818,269	9,743,479
Depreciation of investment properties		3.9	8,783	383
Impairment losses on investment properties		3.9	-	823
ICMS - Tax on the movement of goods and services included in depreciation (Brazil)			(870,256) 115,989,254	(636,227) 102,703,363

The Group regularly uses external and independent experts to assess its industrial assets and to check the appropriateness of the estimates used for the useful lives of these assets.

3.7. BIOLOGICAL ASSETS

ACCOUNTING POLICIES

The Group's biological assets comprise the forests held for the production of timber, suitable for incorporating in the production of BEKP or for sale on the market, mostly eucalyptus, but also include other species such as pine and cork oak.

Biological assets are measured at fair value less estimated selling expenses at the time of harvest.

Fair Value (level 3 of the IFRS 13 fair value hierarchy)	When calculating the fair value of forests, the Group used the discounted cash flows method, based on a model developed in house, regularly tested by independent external assessments.
	In the model developed, assumptions are considered corresponding to the nature of the assets under evaluation, namely, the development cycle of the different species, the productivity of the forests, the wood sales price (when there is an active market) less the cost of harvesting, the rents of own, leased land, replanting and transport, the costs of planting and maintenance, the cost inherent in leasing the forest land; and the discount rate.
	The discount rate corresponds to a market rate without inflation, in a manner consistent with the structure of projections, determined on the basis of the Navigator Group's expected rate of return on its forests, which are intended to be sold intragroup.
Concession areas	The costs incurred with the site preparation before the first forestation are recorded as property, plant and equipment and depreciated in line with its expected useful lives corresponding to the concession period.
Change of estimates	Changes in estimates of growth, growth period, price, cost and other assumptions are recognised in the income statement as fair value adjustments of biological assets.
Harvesting	At the time of harvesting, wood is recognised at fair value less estimated costs since that point until the point of sale, which is the initial cost of the inventory.

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

ASSUMPTIONS

Assumptions corresponding to the nature of the assets being valued were considered:

• Productivity of forests;
• Wood selling price (when there is an active market) less the cost of logging, rents for own, rented and leased land, replanting and transport, planting and maintenance costs, the cost inherent in leasing forest land;
• As at 30 June 2024, the discount rate used corresponds to 5.19% (31 December 2023: 5.19%). It should be noted that the Group incorporates the fire risk into the model's cash flows. If this risk were incorporated into the discount rate, it would be of 7%.

These values, calculated in accordance with the expected extraction of their productions, correspond to the following future production expectations:
	30/06/2024	31/12/2023
Eucalyptus (Portugal) - Potential future of wood extractions k m3ssc Eucalyptus (Spain) - Potential future of wood extractions k m3ssc	10,577 251	10,447 252
Eucalyptus (Mozambique) - Potential future of wood extractions k m3ssc (1)	3,632	3,570
Pine (Portugal) - Potential future of wood extractions k ton Cork oak (Portugal) - Potential future of cork extractions k @	273 502	290 488

DETAIL OF BIOLOGICAL ASSETS

Eucalyptus (Portugal) - Potential future of wood extractions k m3ssc	10,577	10,447
Eucalyptus (Spain) - Potential future of wood extractions k m3ssc	251	252
Pine (Portugal) - Potential future of wood extractions k ton	273	290
Cork oak (Portugal) - Potential future of cork extractions k @	502	488
2024, 238,346 m3ssc of wood from its owned and explored forests (31 December 2023: 594,709 m3ssc). As at 30 June 2024 and 31 December 2023, (i) there are no amounts of biological assets whose property is restricted and/or pledged as guarantee for liabilities, nor there are non-reversible commitments related to the acquisition of biological assets, and (ii) there are no government subsidies related to biological assets recognised in the Group's consolidated financial statements. DETAIL OF BIOLOGICAL ASSETS
Amounts in Euro	30/06/2024	31/12/2023
Eucalyptus (Portugal)	89,183,975	88,244,919
Eucalyptus (Spain)	1,814,063	1,628,022
Pine (Portugal)	5,969,428	5,898,445
Cork oak (Portugal)	1,213,315	835,149
Other species (Portugal)	104,043	103,377
Eucalyptus (Mozambique)	18,905,287	18,912,337

3.8. NON-CURRENT ASSETS HELD FOR SALE

ACCOUNTING POLICIES

Non-current assets (or discontinued operations) are classified as held for sale if its value is realisable through a sale transaction rather than through its continuing use.

This is considered to be the case only when: (i) the sale is highly probable and the asset is available for immediate sale in its present condition, (ii) the Group has assumed a commitment to sell, and (iii) it is expected that the sale will take place within a period of 12 months.

Measurement and presentation	From the moment property, plant and equipment is classified as non-current assets held for sale, they are measured at the lower of book value or at fair value less costs to sell and their depreciation ceases. When the fair value less costs to sell is lower than the book value, the difference is recognised in the income statement.
Disposals	Gains or losses on disposals of non-current assets, determined by the difference between the sale price and the respective net book value, are recognised in the income statement as Other operating income (Note 2.2) or Other operating expenses (Note 2.3).

As at 30 June 2024 and 31 December 2023, the assets presented as non-current assets held for sale correspond to industrial equipment acquired from the bankrupt company CNE - Cimentos Nacionais ou Estrangeiros, S.A. for an amount of Euro 1,008,000.

3.9. INVESTMENT PROPERTIES

ACCOUNTING POLICIES

Measurement	An investment property is initially measured by its acquisition or production cost, including the transaction costs that
	are directly attributable to it. After initial recognition, investment properties are measured at cost less accumulated
	amortisation and impairment losses.

MOVEMENTS IN INVESTMENT PROPERTIES

3.9.	INVESTMENT PROPERTIES ACCOUNTING POLICIES
	The Group classifies the assets held for the purpose of capital appreciation and/or the generation of rental income as investments properties in the consolidated financial statements.
Measurement	An investment property is initially measured by its acquisition or production cost, including the transaction costs that are directly attributable to it. After initial recognition, investment properties are measured at cost less accumulated amortisation and impairment losses.
	Subsequent expenditure is capitalised only when it is probable that it will result in future economic benefits to the entity comparing to those considered in the initial recognition
	MOVEMENTS IN INVESTMENT PROPERTIES
Amounts in Euro		Note	30/06/2024	31/12/2023
Opening balance			504,303	366,436
Disposals			-	(233,828)
Depreciation for the period		3.6	(8,783)	(766)
Impairment losses for the period		3.6	-	(1,646)
			1	374,107
Adjustments, transfers and write-offs			495,521	504,303

4 WORKING CAPITAL

4.1. INVENTORIES

ACCOUNTING POLICIES

Goods and raw materials	Goods and raw, subsidiary and consumable materials are valued at the lower of their purchase cost or their net realisable value. The purchase cost includes ancillary costs, and it is determined using the weighted average cost as the valuation method.
Finished and intermediate products and work in progress	Finished and intermediate products and work in progress are valued at the lower of their production cost (which includes incorporated raw materials, labour and general manufacturing costs, based on a normal production capacity level) or their net realisable value.
	The net realisable value corresponds to the estimated selling price, after deducting estimated completion and selling costs. The difference between production cost and net realisable value, if lower, are recorded as an operational cost.

4.1.1 INVENTORIES – DETAIL BY NATURE

AMOUNTS NET OF ACCUMULATED IMPAIRMENT LOSSES

4.1.1 INVENTORIES – DETAIL BY NATURE
AMOUNTS NET OF ACCUMULATED IMPAIRMENT LOSSES
Amounts in Euro			30/06/2024	31/12/2023
Raw materials			234,771,614	216,689,480
Goods			12,840,769 247,612,383	10,675,318 227,364,798
Finished and intermediate goods			184,061,680	165,176,434
Goods and work in progress			5,122,416	4,491,349
By-products and waste			484,081	458,601
			189,668,177	170,126,384
			437,280,560	397,491,182
Total
4.1.2 INVENTORIES – DETAIL BY SEGMENT AND GEOGRAPHY
Amounts in Euro	30/06/2024	%	31/12/2023	%
Pulp and Paper
Portugal	257,908,098	82.1%	236,495,060	82.5%
Rest of Europe	28,315,629	9.0%	14,749,174	5.1%
America	26,714,627	8.5%	35,246,128	12.3%
Africa	1,389,760	0.4%	-	0.0%
Asia	- 314,328,114	0.0% 100.0%	- 286,490,362	0.0% 100.0%

4.1.2 INVENTORIES – DETAIL BY SEGMENT AND GEOGRAPHY

4.1.1 INVENTORIES – DETAIL BY NATURE
AMOUNTS NET OF ACCUMULATED IMPAIRMENT LOSSES
			247,612,383	227,364,798
			189,668,177	170,126,384
Total			437,280,560	397,491,182
4.1.2 INVENTORIES – DETAIL BY SEGMENT AND GEOGRAPHY
Amounts in Euro	30/06/2024	%	31/12/2023	%
Pulp and Paper
Portugal	257,908,098	82.1%	236,495,060	82.5%
Rest of Europe	28,315,629	9.0%	14,749,174	5.1%
America	26,714,627	8.5%	35,246,128	12.3%
Africa	1,389,760	0.4%	-	0.0%
Asia	-	0.0%	-	0.0%
	314,328,114	100.0%	286,490,362	100.0%
Cement
Portugal	48,850,039	43.5%	48,100,713	47.2%
Rest of Europe	2,660,712	2.4%	2,875,401	2.8%
America	18,646,927	16.6%	18,586,543	18.2%
Africa	28,479,098	25.4%	24,333,691	23.9%
Asia	13,670,196	12.2%	7,986,077	7.8%
	112,306,972	100.0%	101,882,425	100.0%
Other businesses
Portugal	10,645,474	100.0%	9,118,395	100.0%
	10,645,474	100.0%	9,118,395	100.0%
	437,280,560		397,491,182
The amount related to Portugal, from Pulp and Paper segment, includes Euro 1,999,421 (31 December 2023: Euro 14,968,097) relating to inventories for which invoices have already been issued but whose control has not been transferred to customers. As at 30 June 2024 and 31 December 2023, there are no inventories in which ownership is restricted and/or pledged as collateral for liabilities. 4.1.3 MOVEMENTS IN IMPAIRMENT LOSSES IN INVENTORIES
Amounts in Euro		Note	30/06/2024	31/12/2023
Opening balance			(29,424,394)	(23,289,293)
Increases		2.3	(5,913,587)	(6,721,101)
Reversals		2.2	1,648,643	750,339
Impact on net profit for the period			(4,264,944)	(5,970,762)
Change in the perimeter			50,337	(105,317)

4.1.3 MOVEMENTS IN IMPAIRMENT LOSSES IN INVENTORIES

Other businesses
	437,280,560	397,491,182
collateral for liabilities. 4.1.3 MOVEMENTS IN IMPAIRMENT LOSSES IN INVENTORIES
Opening balance		(29,424,394)	(23,289,293)
Increases	2.3	(5,913,587)	(6,721,101)
Reversals	2.2	1,648,643	750,339
Impact on net profit for the period		(4,264,944)	(5,970,762)
Change in the perimeter
		50,337	(105,317)
Charge-off		(1,030,580)	(372,941)
Exchange rate adjustment		-	286,797
Hyperinflationary Economies		-	27,122
Closing balance		(34,669,581)	(29,424,394)

4.2. RECEIVABLES

ACCOUNTING POLICIES

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES
Classification	Trade receivables result from the Group's main activities and the business model followed is "hold to collect",
	although sometimes the Cement and Derivatives segment uses confirming. Balances from other receivables are typically from the "hold to collect" model.
Initial measurement	At fair value
Subsequent measurement	At amortised cost, net of impairment losses.
Impairment of trade receivables	Impairment losses are recorded based on the simplified model provided for in IFRS 9, recording expected losses until maturity. The expected losses are determined on the basis of the experience of historical actual losses over a statistically significant period and representative of the specific characteristics of the underlying credit risk.
Impairment from other receivables	Impairment losses are recorded on the basis of the general estimated credit loss model of IFRS 9.
	As at 30 June 2024 and 31 December 2023, Current and non-current receivables are detailed as follows:
			30/06/2024		31/12/2023
Amounts in Euro	Note	Non-current	Current	Total	Non-current	Current	Total
Trade receivables							-
Pulp and Paper segment	8.1.4	-	315,856,059	315,856,059	-	259,060,841	259,060,841
Cement segment	8.1.4	-	92,442,942	92,442,942	-	79,155,309	79,155,309
Other businesses segment Receivables - Holdings	8.1.4 8.1.4	- -	19,615,685 9,168	19,615,685 9,168	- -	25,259,105 -	25,259,105 -
		-	427,923,854	427,923,854	-	363,475,255	363,475,255
Receivables - Related parties	10.4	-	1,145,374	1,145,374	-	2,357,687	2,357,687
State		-	72,931,020	72,931,020	-	77,504,449	77,504,449
Department of Commerce (USA)		4,466,307	-	4,466,307	2,872,289	-	2,872,289
Grants receivable		52,001,344	47,303,220	99,304,564	49,880,237	53,184,592	103,064,829
Accrued income		-	18,220,822	18,220,822	-	16,426,830	16,426,830
Deferred expenses		-	30,933,234	30,933,234	-	17,386,225	17,386,225
Derivative financial instruments	8.2	-	50,654,726	50,654,726	-	23,314,167	23,314,167
Advances to suppliers		-	16,225,716	16,225,716	-	8,936,213	8,936,213
Other		6,528,723	29,735,795	36,264,518	4,945,683	22,489,090	27,434,773

As at 30 June 2024 and 31 December 2023, Current and non-current receivables are detailed as follows:

	although sometimes the Cement and Derivatives segment uses confirming. Balances from other receivables are typically from the "hold to collect" model.
Initial measurement	At fair value
Subsequent measurement	At amortised cost, net of impairment losses.
Impairment of trade receivables	Impairment losses are recorded based on the simplified model provided for in IFRS 9, recording expected losses until maturity. The expected losses are determined on the basis of the experience of historical actual losses over a statistically significant period and representative of the specific characteristics of the underlying credit risk.
Impairment from other receivables	Impairment losses are recorded on the basis of the general estimated credit loss model of IFRS 9.
As at 30 June 2024 and 31 December 2023, Current and non-current receivables are detailed as follows:
		-	427,923,854	427,923,854	-	363,475,255	363,475,255
Receivables - Related parties	10.4	-	1,145,374	1,145,374	-	2,357,687	2,357,687
State		-	72,931,020	72,931,020	-	77,504,449	77,504,449
Department of Commerce (USA)		4,466,307	-	4,466,307	2,872,289	-	2,872,289
Grants receivable		52,001,344	47,303,220	99,304,564	49,880,237	53,184,592	103,064,829
Accrued income Deferred expenses		- -	18,220,822 30,933,234	18,220,822 30,933,234	- -	16,426,830 17,386,225	16,426,830 17,386,225
Derivative financial instruments	8.2	-	50,654,726	50,654,726	-	23,314,167	23,314,167
Advances to suppliers		-	16,225,716	16,225,716	-	8,936,213	8,936,213
Other		6,528,723	29,735,795	36,264,518	4,945,683	22,489,090	27,434,773
		62,996,374	695,073,761	758,070,135	57,698,209	585,074,508	642,772,717
	The amounts above are net of accumulated impairment losses. Analysis of impairment for receivables is
presented in Note 8.1.4 – Credit risk. As at 30 June 2024 and 31 December 2023, this caption is detailed as follows: Amounts in Euro Value Added Tax - recoverable Value Added Tax - repayment requests Tax on the Movement of Goods and Services (ICMS)					30/06/2024 12,398,579 51,658,891 2,322,557		13,823,487 53,851,202 1,862,050
PIS and COFINS credit on fixed assets Other taxes					6,535,699	15,294	31/12/2023 7,025,624 942,086

The amounts above are net of accumulated impairment losses. Analysis of impairment for receivables is presented in Note 8.1.4 – Credit risk.

As at 30 June 2024 and 31 December 2023, this caption is detailed as follows:

presented in Note 8.1.4 – Credit risk.	The amounts above are net of accumulated impairment losses. Analysis of impairment for receivables is
Value Added Tax - recoverable			12,398,579		13,823,487
Value Added Tax - repayment requests			51,658,891		53,851,202
Tax on the Movement of Goods and Services (ICMS)			2,322,557		1,862,050
As at 30 June 2024 and 31 December 2023, this caption is detailed as follows: PIS and COFINS credit on fixed assets Other taxes			6,535,699	15,294	7,025,624 942,086

As at 30 June 2024 and 31 December 2023, Accrued income and deferred costs were detailed as follows:
Amounts in Euro	30/06/2024	31/12/2023
Accrued income
Energy sales	10,821,853	10,798,083
Interest receivable	191,356	657,850
Other	7,207,613	4,970,897
	18,220,822	16,426,830
Deferred income
Insurance	9,292,253	170,894
Rentals	13,257,142	12,717,123
Other	8,383,839	4,498,208
	30,933,234 49,154,056	17,386,225 33,813,055

4.3. PAYABLES

FINANCIAL LIABILITIES AT AMORTISED COST

Initial measurement	At fair value, net of transaction costs incurred.
Subsequent	At amortised cost, using the effective interest rate method.
measurement	The difference between the repayment amount and the initial measurement amount is recognised in the income
	statement over the debt period under Interest on other financial liabilities at amortised cost (Note 5.10).

As at 30 June 2024 and 31 December 2023, Payables and other current liabilities were detailed as follows:

			30,933,234	17,386,225
			49,154,056	33,813,055
4.3. PAYABLES
	ACCOUNTING POLICIES
	FINANCIAL LIABILITIES AT AMORTISED COST
Initial measurement	At fair value, net of transaction costs incurred.
Subsequent	At amortised cost, using the effective interest rate method.
measurement	The difference between the repayment amount and the initial measurement amount is recognised in the income
	statement over the debt period under Interest on other financial liabilities at amortised cost (Note 5.10).
	As at 30 June 2024 and 31 December 2023, Payables and other current liabilities were detailed as follows:
Amounts in Euro		Note	30/06/2024	31/12/2023
Trade payables - current account			423,810,754	390,345,679
	Trade payables - property, plant and equipment - current account		42,927,494	23,975,265
Advances from customers			1,470,675	1,392,239
State			107,481,825	94,022,947
Instituto do Ambiente			166,053,696	151,893,654
Related parties		10.4	5,788,725	5,546,128
Other payables			44,575,323	25,393,982
Derivative financial instruments		8.2	6,328,330	12,922,808
Accrued expenses - payroll			57,865,893	60,419,696
Other accrued expenses			84,962,728	64,414,507
Non-repayable grants			85,088,391	99,614,486
Other deferred income			6,236,568	5,176,918
Payables - current			1,032,590,402	935,118,309
Non-repayable grants			139,613,550	129,553,426
Department of Commerce (EUA)			-	2,121,441
Other			41,302,083	39,928,230
Payables - non-current			180,915,633	171,603,097

As at 30 June 2024 and 31 December 2023, State is detailed as follows:
Amounts in Euro	30/06/2024	31/12/2023
Personal income tax withheld (IRS)	7,728,763	3,494,576
Value added tax	58,583,168	48,036,447
Social Security contributions	7,683,843	4,996,724
ICMS - Tax on the Movement of Goods and Services Programa de Desenvolvimento da Empresa Catarinense (PRODEC)	1,565,280 775,632	1,242,038 793,579
Programa Paraná Competitivo	29,331,394	33,936,235
Other	1,813,745	1,523,348
	107,481,825	94,022,947
As at 30 June 2024 and 31 December 2023, there were no overdue debts to the State.
NON-REPAYABLE GRANTS - DETAILS
Amounts in Euro	30/06/2024	31/12/2023
Government grants	18,666,697	14,663,367
Grants - CO2 emission allowances	57,248,943	75,001,176
	9,172,751	9,949,943
Other grants	85,088,391	99,614,486
Non-repayable grants - current		129,553,426
Government grants	139,613,550
Non-repayable grants - non-current	139,613,550 224,701,941	129,553,426 229,167,912

NON-REPAYABLE GRANTS - DETAILS

Non-repayable grants - current	85,088,391	99,614,486
Non-repayable grants - non-current	139,613,550	129,553,426
	224,701,941	229,167,912

5 CAPITAL STRUCTURE

5.1. CAPITAL MANAGEMENT

CAPITAL MANAGEMENT POLICY

The objectives of Semapa Group, when managing capital, are to safeguard the Group´s ability to continue as a going concern and value creation for shareholders, through a conservative dividend policy based on principles of financial strength. The aim has been to maintain a financial structure compatible with the Group´s sustained growth and different business areas, whilst maintaining sound solvency and financial autonomy indicators. Accordingly, capital considered for the purposes of capital management corresponds to Equity. Equity does not include any financial liabilities.

In order to maintain or adjust its capital structure, the Group can adjust the amount of dividends payable to its shareholders, return capital to its shareholders, issue new shares or sell assets to lower its borrowings.

5.2. SHARE CAPITAL AND THEASURY SHARES

ACCOUNTING POLICIES

Semapa's share capital is fully subscribed and paid up, represented by shares with no nominal value.

Costs directly attributable to the issue of new shares or other equity instruments are reported as a deduction, net of taxes, from the amount received. The cost directly attributable to the issue of new shares options for a business acquisition are included in the acquisition cost, as part of the purchase price.

TREASURY SHARES

Recognition	At acquisition value, as a reduction of equity
Acquisitions by Group company	When any Group company acquires shares of the parent company, the payment, which includes directly-associated incremental costs, is deducted from the shareholders' equity attributable to the holders of the parent company's capital until the shares are cancelled, redeemed or sold.
Disposal of treasury shares	When shares are subsequently sold or repurchased, any proceeds, net of the directly attributable transaction costs and taxes, is reflected in the shareholders' equity of the company's shareholders, under Other reserves (Note 5.5).
	The extinction of treasury shares is reflected in the consolidated financial statements, as a reduction of share capital and in the caption Treasury shares at its nominal and acquisition cost, respectively. The differential between those amounts is recorded in Other reserves.
Extinction of treasury shares
SEMAPA'S SHAREHOLDERS
	As at 30 June 2024 and 31 December 2023, Semapa's shareholders are detailed as follows:
Entity		30/06/2024 No. of shares	%	31/12/2023 No. of shares	%
Shares without par value
Cimo - Gestão de Participações, SGPS, S.A.		38,959,431	47.94	38,959,431	47.94
Sodim, SGPS, S.A.		27,508,892	33.85	27,508,892	33.85
Treasury shares	Other shareholders with lesse than 5% shareholdings	1,400,627 13,401,050	1.72 16.49	1,400,627 13,401,050	1.72 16.49

SEMAPA'S SHAREHOLDERS

Extinction of	The extinction of treasury shares is reflected in the consolidated financial statements, as a reduction of share capital and
treasury shares	in the caption Treasury shares at its nominal and acquisition cost, respectively. The differential between those amounts is recorded in Other reserves.
SEMAPA'S SHAREHOLDERS
	As at 30 June 2024 and 31 December 2023, Semapa's shareholders are detailed as follows:
Shares without par value
Cimo - Gestão de Participações, SGPS, S.A.		38,959,431	47.94	38,959,431	47.94
Sodim, SGPS, S.A.		27,508,892	33.85	27,508,892	33.85
Treasury shares		1,400,627	1.72	1,400,627	1.72
	Other shareholders with lesse than 5% shareholdings	13,401,050	16.49	13,401,050	16.49

5.3. EARNINGS PER SHARE

ACCOUNTING POLICIES

EARNINGS PER SHARE ACCOUNTING POLICIES The basic earnings per share are determined based on the division of profits or losses attributable to the ordinary shareholders of Semapa by the weighted average number of common shares outstanding during the period. For the purpose of calculating diluted earnings per share, Semapa adjusts the profit or loss attributable to ordinary equity holders, as well as the weighted average number of outstanding shares, for the purposes of all potential dilutive 1H 2024 1H 2023 Amounts in Euro
	5.3.
	common shares.
	Net profit attributable to the Shareholders of Semapa	131,825,274	107,631,856
Total number of shares issued 81,270,000 81,270,000
Average number of shares in the portfolio (1,400,627) (1,400,627)
79,869,373 79,869,373	Weighted average number of shares
1.651 1.348	Basic earnins per share

5.4. DIVIDENDS

DIVIDENDS ALLOCATED IN THE PERIOD

5.4. DIVIDENDS
Dividends per share presented are calculated based on the number of shares outstanding on the grant date.
DIVIDENDS ALLOCATED IN THE PERIOD
		Amount	Dividends
Amounts in Euro	Date	approved	per share
Allocations in 2024
Approval of payment of dividends relating to the 2023 net profit on an individual basis in accordance with IFRS at the Annual Shareholders' Meeting of Semapa	24 May 2024	49,998,228	0.626
Allocations in 2023
Approval of payment of dividends relating to the 2022 net profit on an individual	18 May 2023	75,875,904	0.950

5.5. RESERVES AND RETAINED EARNINGS

FAIR VALUE RESERVES

Fair value reserve refers to the accumulated change in fair value of derivative financial instruments classified as hedging instruments (Note 8.2), and financial investments measured at fair value through other comprehensive income (Note 8.3), net of deferred taxes.

Changes related to derivatives are reclassified to profit or loss for the period (Note 5.10) as the hedged instruments affect profit or loss for the period. The fair value adjustments of financial investments recorded under this caption is not recycled to profit or loss.

CURRENCY TRANSLATION RESERVE

The currency translation reserve corresponds to the cumulative amount related to the Group's appropriation of exchange rate differences resulting from the translation of the financial statements of the subsidiaries and associates operating outside the Euro zone, mainly in Brazil, Tunisia, Lebanon, Angola, Mozambique, the United States of America, Switzerland and United Kingdom.

LEGAL RESERVE

The Portuguese commercial legislation prescribes that at least 5% of annual net profit must be transferred to the legal reserve, until this is equal to at least 20% of the share capital. This reserve cannot be distributed unless the company is liquidated. It may, however, be drawn on to absorb losses, after other reserves are exhausted, or incorporated in the share capital.

The legal reserve is constituted by its maximum amount in the periods presented.

OTHER RESERVES

OTHER RESERVES
This caption corresponds to reserves constituted through the transfer of prior period's profit and other movements.
The portion of the balance corresponding to the acquisition value of treasury shares held is not distributable.
Amounts in Euro	30/06/2024	31/12/2023
Currency translation reserve	(208,900,166)	(198,301,800)
Fair value of derivative financial instruments	19,279,828	9,114,768
Fair value reserves	19,279,828	9,114,768
Legal reserve	16,695,625	16,695,625
Other reserves	1,527,058,683	1,334,549,502
Retained earnings	(3,286,221)	(463,433)
Reserves and retained earnings	1,350,847,749	1,161,594,662
CURRENCY TRANSLATION RESERVE
The impact of exchange rate change by currency (see Note 8.1.1 – Exchange rate risk) is as follows:
Amounts in Euro	30/06/2024	31/12/2023
Opening balance	(198,301,800)	(202,244,411)
Brazilian real	(12,883,928)	5,836,450
Tunisian dinar	240,568	(628,224)
Lebanese pound	496,033	(3,789,496)
American dollar	(1,920,539)	(7,314,701)
Mozambican metical	7,621,753	12,118,812

CURRENCY TRANSLATION RESERVE

OTHER RESERVES
This caption corresponds to reserves constituted through the transfer of prior period's profit and other movements. The portion of the balance corresponding to the acquisition value of treasury shares held is not distributable.
Currency translation reserve				(208,900,166)	(198,301,800)
Fair value reserves				19,279,828	9,114,768
Legal reserve				16,695,625	16,695,625
Other reserves				1,527,058,683	1,334,549,502
Retained earnings				(3,286,221)	(463,433)
Reserves and retained earnings				1,350,847,749	1,161,594,662
Amounts in Euro				30/06/2024	31/12/2023
Opening balance				(198,301,800)	(202,244,411)
Brazilian real				(12,883,928)	5,836,450
Tunisian dinar				240,568	(628,224)
Lebanese pound				496,033	(3,789,496)
American dollar				(1,920,539)	(7,314,701)
Mozambican metical				7,621,753	12,118,812
Other currencies Closing balance				(4,152,253) (208,900,166)	(2,280,230) (198,301,800)
5.6. NON-CONTROLLING INTERESTS
DETAIL OF NON-CONTROLLING INTERESTS, BY SUBSIDIARY
	%	Equity		Net profit
Amounts in Euro	held	30/06/2024	31/12/2023	1H 2024	1H 2023
Pulp and Paper
The Navigator Company, S.A.	29.97%	322,372,680	319,133,516	46,025,120	39,611,733
Raiz – Instituto de Investigação da Floresta e Papel Cement	3.00%	337,964	327,018	11,966	22,837
Secil – Companhia Geral de Cal e Cimento, S.A.	0.00%	9,141	8,804	587	439

5.6. NON-CONTROLLING INTERESTS

DETAIL OF NON-CONTROLLING INTERESTS, BY SUBSIDIARY

Closing balance				(208,900,166)	(198,301,800)
DETAIL OF NON-CONTROLLING INTERESTS, BY SUBSIDIARY
	%	Equity		Net profit
Pulp and Paper
The Navigator Company, S.A. Raiz – Instituto de Investigação da Floresta e Papel	29.97% 3.00%	322,372,680 337,964	319,133,516 327,018	46,025,120 11,966	39,611,733 22,837
Cement
Secil – Companhia Geral de Cal e Cimento, S.A.	0.00%	9,141	8,804	587	439
Société des Ciments de Gabès	1.28%	391,903	409,218	(19,839)	(22,292)
IRP - Indústria de Rebocos de Portugal, S.A.	25.00%	373,870	470,335	196,785	140,815
Secil - Companhia de Cimento do Lobito, S.A.	-	-	-	-	(137,397)
Ciments de Sibline, S.A.L.	48.95%	13,851,038	13,875,978	(499,098)	(664,200)
Other		537,684	538,254	(569)	279
Other businesses
ETSA - Investimentos, SGPS, S.A.	0.01%	10,275	10,173	103	537
Tribérica, S.A.	30.00%	204,177	258,417	(54,240)	61,362

MOVEMENTS OF NON-CONTROLLING INTERESTS BY OPERATING SEGMENT

MOVEMENTS OF NON-CONTROLLING INTERESTS BY OPERATING SEGMENT
	Pulp and	Cement and	Other
Amounts in Euro	Paper	Derivatives	businesses	Total
Balance as at 1 January 2023	305,988,900.00	3,860,335.00	396,579.00	310,245,814.00
Change in the perimeter	-	4,137,119.00	-	4,137,119.00
Dividends	(60,054,694.00)	(306,203.00)	(1,789.00)	(60,362,686.00)
Currency translation reserve	(10,415.00)	(3,588,781.00)	-	(3,599,196.00)
Financial instruments	(6,335,974.00)	(36.00)	-	(6,336,010.00)
Actuarial gains and losses	609,867.00	75.00	-	609,942.00
Hyperinflationary economies (Lebanon)	-	(1,098,648.00)	-	(1,098,648.00)
Other movements in equity	3,718.00	-	-	3,718.00
Net profit for the period	79,259,132.00	12,298,729.00	(126,201.00)	91,431,660.00
Balance as at 31 December 2023	319,460,534.00	15,302,590.00	268,589.00	335,031,713.00
Change in the perimeter	-	-	-	-
Dividends	(45,043,157.00)	(293,250.00)	-	(45,336,407.00)
Difference in acquisition from NCI	(636,217.00)	-	-	(636,217.00)
Capital gains/(losses) on disposals to NCI	(1,335,035.00)	-	-	(1,335,035.00)
Currency translation reserve	667,849.00	476,515.00	-	1,144,364.00
Financial instruments	3,900,870.00	-	-	3,900,870.00
Actuarial gains and losses	(340,267.00)	(79.00)	-	(340,346.00)
	(1,019.00)	(6.00)	-	(1,025.00)
Other movements in equity			(54,137.00)	45,660,815.00
Net profit for the period Balance as at 30 June 2024	46,037,086.00 322,710,644.00	(322,134.00) 15,163,636.00	214,452.00	338,088,732.00

5.7. INTEREST-BEARING LIABILITIES

ACCOUNTING POLICIES

Loans	Interest-bearing liabilities includes Bonds, Commercial Paper, bank loans and other financing.
Initial measurement	At fair value, net of transaction costs incurred.
Subsequent measurement	At amortised cost, using the effective interest rate method.
	The difference between the repayment amount and the initial measurement amount is recognised in the Separate Income Statement over the debt period under Interest expenses on other loans in Note 5.11 – Net Financial Results, using the effective interest rate method.
Fair value	The book value of short-term interest-bearing liabilities or loans contracted at variable interest rates are close to their fair value.
Disclosure	As a current liability, except when the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date.

DISCLOSURE BY OPERATING SEGMENT

COMMERCIAL PAPER

INTEREST-BEARING LIABILITIES

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
DISCLOSURE BY OPERATING SEGMENT
Given that treasury management is performed autonomously by each business segment, as disclosed in Note 8.1 – Financial Risk Management, the information on interest-bearing liabilities that is disclosed in this Note follows that structure.
COMMERCIAL PAPER The Group has several commercial paper programmes negotiated, of agreements with which it is frequent to carry out emissions with contractual maturity of less than one year but with revolving nature. Where the Group has the right to extend these loans (roll over), it classifies them as non-current liabilities.
INTEREST-BEARING LIABILITIES		30/06/2024		31/12/2023
Amounts in Euro	Non-current	Current	Total	Non-current	Current	Total
Bond loans	822,000,000	136,500,000	958,500,000	759,500,000	36,500,000	796,000,000
Commercial paper	38,875,000	36,775,000	75,650,000	144,750,000	37,750,000	182,500,000
Bank loans	151,603,252	164,632,859	316,236,111	177,777,985	104,181,489	281,959,474
Loan-related charges	(6,035,770)	1,641,283	(4,394,487)	(5,344,927)	1,943,344	(3,401,583)
Debt securities and bank debt	1,006,442,482	339,549,142	1,345,991,624	1,076,683,058	180,374,833	1,257,057,891
Other interest-bearing debt Other interest-bearing liabilities	20,986,853 20,986,853	7,947,480 7,947,480	28,934,333 28,934,333	24,751,622 24,751,622	11,342,655 11,342,655	36,094,277 36,094,277

In the first half of 2024, the development of Navigator's financing was determined by two bond issues and the completion of a bank loan, all ESG-related, for a total amount of Euro 130 million, as well as the repayments of previously contracted debt. It should be noted that Secil issued Green Bonds in the amount of Euro 75 million maturing in 2030, under the terms of Secil's Green Bond Framework, which was subject to an Independent Limited Assurance confirming the Framework's alignment with the Green Bond Principles sponsored by ICMA (International Capital Market Association).

These operations contributed to extending the average life of the Group's debt, as well as keeping the financing cost at low levels, in addition to having conditions adjusted to the fulfilment of sustainability commitments. The loan conditions are indexed to three ESG indicators already included in the Group's Sustainability Agenda and, in turn, aligned with the Sustainable Development Goals of the United Nations. The cost of the ESG bank loan is indexed to obtaining a sustainability score from a company recognized in the market.

Other interest-bearing debt includes incentives from AICEP – Agência para o Investimento e Comércio Externo de Portugal, as part of a number of research and development projects, which includes the incentive under the investment agreement entered into with the Navigator Group Tissue Aveiro, S.A. subsidiary for the construction of the new Tissue plant in Aveiro. This agreement comprises a financial incentive in the form of a repayable grant, up to a maximum amount of Euro 42,166,636, without interest payment, with a grace period of two years, with the last repayment happening in 2027.

In December 2023, the subsidiary Navigator signed a new long-term loan agreement with the European Investment Bank (EIB) for Euro 115 million, maturing in 12 years. The loan will be disbursed in up to 3 instalments within 18 months of signing the contract. The loan will support the project to build and operate the high-efficiency recovery boiler at the Setúbal Industrial Complex, a key step in the decarbonisation roadmap. This green loan is part of the REPowerEU Plan, which aims to increase financing for green energy and support the autonomy and competitiveness of the European Union.

BANK LOANS

BANK LOANS
		30/06/2024		31/12/2023
Amounts in Euro	Non-current	Current	Total	Non-current	Current	Total
Pulp and Paper - fixed rate	54,761,905	15,962,302	70,724,207	60,972,222	10,456,350	71,428,572
Pulp and Paper - variable rate	30,000,000	24,007,306	54,007,306	11,000,000	24,083,333	35,083,333
Cement - fixed rate	3,076,312	9,526,992	12,603,304	153,677	1,863,927	2,017,604
Cement - variable rate	29,558,023	112,869,093	142,427,116	68,941,690	64,184,563	133,126,253
Other businesses - fixed rate	2,141,298	1,365,116	3,506,414	2,825,048	1,367,916	4,192,964
Other businesses - variable rate rate	2,065,714	902,050	2,967,764	3,885,348	2,225,400	6,110,748
Holdings - variable rate	30,000,000	-	30,000,000	30,000,000	-	30,000,000
	151,603,252	164,632,859	316,236,111	177,777,985	104,181,489	281,959,474
LOAN REPAYMENT PERIODS OVER ONE YEAR
					30/06/2024	31/12/2023
Amounts in Euro					189,473,274	244,077,910
1 to 2 years					296,550,340	384,838,309
2 to 3 years					171,045,524	194,600,279
3 to 4 years					100,200,785	119,914,166
4 to 5 years						163,348,943
More than 5 years					276,195,182
Total					1,033,465,105	1,106,779,607
FINANCIAL COVENANTS

LOAN REPAYMENT PERIODS OVER ONE YEAR

FINANCIAL COVENANTS

For certain types of financing operations, there are commitments to maintain certain financial ratios within previously negotiated limits. The existing covenants are clauses of Cross default, Pari Passu, Negative pledge, Ownership-clause, clauses related to Group's activities maintenance, maintenance of financial ratios, mainly Net Debt/EBITDA, Interest coverage, Indebtedness and Financial autonomy and fulfilment of regular financial contracts' obligations (operational, legal and tax obligations), common in loan agreements and fully known in the market.

As at 30 June 2024 and 31 December 2023, the Group comply with the financial ratios limits imposed under its financing contracts.

5.8. LEASE LIABILITIES

	ACCOUNTING POLICIES
Initial measurement	At the start date of the lease, the Group recognises lease liabilities measured at the present value of future lease payments, which include fixed payments less any lease incentives, variable lease payments, and amounts expected to be paid as residual value.
	Lease payments also include the exercise price of call or renewal options reasonably certain to be exercised by the Group or lease termination penalty payments if the lease term reflects the Group's option to terminate the agreement.
	In calculating the present value of future lease payments, the Group uses an incremental financing rate if the implied interest rate on the lease transaction is not easily determinable.
Subsequent measurement	Subsequently, the value of the lease liabilities is increased by the interest amount (Note 5.10 - Net financial results) and decreased by the lease payments (rents).

As at 30 June 2024 and 31 December 2023, Lease liabilities are detailed as follows:
		30/06/2024			31/12/2023
Amounts in Euro	Non-current	Current	Total	Non-current	Current	Total
Pulp and Paper	99,639,494	16,136,064	115,775,558	62,848,761	7,148,060	69,996,821
Cement	28,504,954	10,946,585	39,451,539	24,013,596	8,371,883	32,385,479
Other businesses	558,187	465,847	1,024,034	643,386	442,227	1,085,613
Holdings	400,363 129,102,998	100,498 27,648,994	500,861 156,751,992	351,213 87,856,956	157,840 16,120,010	509,053 103,976,966

5.9. CASH AND CASH EQUIVALENTS

ACCOUNTING POLICIES

ACCOUNTING POLICIES
Cash and cash equivalents include cash, bank accounts and other short-term investments with an initial maturity of up to 3 months, which can be mobilised immediately without any significant risk in value fluctuations. For cash flow statement purposes, this caption also includes bank overdrafts, which are presented in the statement of financial position as a current liability, under the caption Interest-bearing liabilities (Note 5.7). Amounts in Euro			Note	30/06/2024	31/12/2023
Cash				1,097,594	1,916,067
Short-term bank deposits			8.1.4	196,134,653	122,323,936
Other-short term investments			8.1.4	50,477,605	156,917,302
Cash and cash equivalents in the consolidated statement of cash flows				247,709,852	281,157,305
Impairment			8.1.4	(597)	(578)
Cash and cash equivalents				247,709,255	281,156,727
The movements under Impairment in 2024 are detailed as follows: Amounts in Euro	Opening balance	Increase	Reversal	Exchange rate change	Closing balance 597
Lebanon	578	-	(1)	20

		change	Closing balance

5.10. NET FINANCIAL RESULTS

ACCOUNTING POLICIES

Borrowing costs relating to loans are generally recognised as financial costs, in accordance with the accrual accounting principle.

The Semapa Group classifies as Financial Income the income and gains resulting from cash-flow management activities such as: i) interest earned on surplus cash; and ii) changes in the fair value of derivative financial instruments negotiated to hedge interest and exchange rate risks on loans, irrespective of the formal designation of the hedge.

Net financial results are detailed as follows:

Net financial results are detailed as follows:
Amounts in Euro	Note	1H 2024	1H 2023
Interest paid on debt securities and bank debt		(30,678,263)	(26,003,139)
Interest on other financial liabilities at amortised cost		(2,534,024)	-
Commissions on loans and expenses with the opening of credit facilities		(3,319,590)	(3,529,427)
Interest paid using the effective interest method		(36,531,877)	(29,532,566)
Unfavourable exchange rate differences		(11,923,810)	-
Interest paid on lease liabilities		(2,594,293)	(2,012,850)
Financial discount of provisions Environmental recovery	9.1	(154,260)	(111,152)
Losses on hedging derivatives		-	(10,207,184)
Other financial expenses and losses		(1,496,509)	(3,321,208)
Other financial expenses and losses		(16,168,872)	(15,652,394)
Favourable exchange rate differences		-	2,185,952
Interest earned on financial assets at amortised cost		6,436,131	6,025,934
Gains on trading derivative instruments		7,725,573	-
Gains on hedging derivative instruments		5,716,133	3,672,770
Fair value gains on Other financial investments		723,272	18,608
Other financial income and gains		3,488,855	-
Financial income and gains		24,089,964	11,903,264
Total financial expenses and losses		(52,700,749)	(45,184,960)
Total financial income and gains		24,089,964	11,903,264
Net financial results		(28,610,785)	(33,281,696)

Secil's net financial results showed a considerable improvement over the same period last year, rising from Euro -22.4 million in the first half of 2023 to Euro -13.9 million in 2024. It should be noted that the same period last year was particularly affected by the exchange losses recorded due to the sharp devaluation of the Kwanza in the amount of Euro 3.2 million. Furthermore, financing costs in Brazil are Euro 2.8 million lower than in the same period last year.

6 INCOME TAX

6.1. INCOME TAX FOR THE PERIOD

ACCOUNTING POLICIES

Current income tax is calculated based on net profit, adjusted in conformity with tax legislation in force at the Statement of financial position date.

According to the legislation in force, the gains and losses relating to associates and joint ventures, resulting from the application of the equity method, are deducted from or added to, respectively, to the net profit for the period for the purpose of calculating taxable income. Dividends are considered, when determining the taxable income, in the year in which they are received, if the financial investments are held for less than one year or if they represent less than 10% of the share capital.

TAX GROUP

Since 1 January 2023, Sodim, SGPS, SA. has been the parent company of the tax group in which the Semapa group companies are included. The companies included in the RETGS calculate and record income tax as if they were subject to individual taxation. The companies included in the RETGS calculate income taxes as if they were taxed independently, but the controlling company of the tax group is responsible for the overall assessment and self-assessment of tax. The companies that compose the Navigator Group are part of a tax group of which The Navigator Company, S.A. is the controlling company.

ACCOUNTING ESTIMATES AND JUDGEMENTS

The Group recognises liabilities for additional tax assessments that may result from reviews by the tax authorities of the different countries where the Group operates. When the final result of these situations is different from the amounts initially recorded, the differences will have an impact on income tax in the period in which they occur.

UNCERTAIN TAX POSITIONS

INCOME TAX RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT

In Portugal, annual income statements are subject to review and possible adjustment by the tax authorities for a period of 4 years. However, if tax losses are presented, they may be subject to review by the tax authorities for a period of 6
years. In other countries in which the Group operates, these periods are different, usually higher.
The Board of Directors considers that any corrections to those declarations as a result of reviews/inspections by the Portuguese Tax Authorities will not have a significant impact in the consolidated financial statements as at 30 June 2024, although the periods up to and including 2020 have already been reviewed.
UNCERTAIN TAX POSITIONS
The amount of assets and liabilities recorded for tax proceedings arises from an assessment made by the Group, as at
the date of the consolidated statement of financial position, regarding potential differences of understanding with the Tax Authorities, considering the developments in tax matters.
The Group, in relation to the measurement of uncertain tax positions, considers the provisions of IFRIC 23 – Uncertainty over Income Tax Treatments, namely the measurement of risks and uncertainties in the definition of the best estimate of the expense required to settle the obligation, by weighing all the possible results that are controlled by them and their associated probabilities.
INCOME TAX RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT
Amounts in Euro
Current tax	1H 2024 (65,382,906)	1H 2023 (52,163,651)
Change in uncertain tax positions in the period	4,752,931	2,452,704
Defered tax (Note 6.2)	4,367,252	3,579,053

NOMINAL TAX RATE IN THE MAIN GEOGRAPHIES WHERE THE GROUP OPERATES

NOMINAL TAX RATE IN THE MAIN GEOGRAPHIES WHERE THE GROUP OPERATES
Amounts in Euro	1H 2024	1H 2023
Portugal
Nominal income tax rate	21.0%	21.0%
Municipal surcharge	1.5%	1.5%
	22.5%	22.5%
State surcharge – on the share of taxable profits between Euro 1 500 000 and Euro 7 500 000	3.0%	3.0%
State surcharge – on the share of taxable profits between Euro 7 500 000 and Euro 35 000 000	5.0%	5.0%
State surcharge – on the share of taxable profits above Euro 35 000 000	9.0%	9.0%
Other countries
Brazil - nominal rate	34.0%	34.0%
Tunisia - nominal rate	15.0%	15.0%
Lebanon - nominal rate	17.0%	17.0%
Angola - nominal rate	30.0%	30.0%
RECONCILIATION OF THE EFFECTIVE INCOME TAX RATE FOR THE PERIOD
Amounts in Euro	1H 2024	1H 2023
Income before tax	233,748,812	192,777,863
Expected tax at nominal rate (22.5%)	52,593,483	43,375,019
State surcharge	10,487,050	9,294,750
Income tax resulting from the applicable tax rate	63,080,533	52,669,769
Differences (a)	82,560	651,793
Tax for prior periods	39,764	(12,177,498)
Recoverable tax losses	(450,585)	11,300,060
	1,963,097	2,711,233
Non-recoverable tax losses
Increase in additional tax liabilities	3,593,578	3,947,808

RECONCILIATION OF THE EFFECTIVE INCOME TAX RATE FOR THE PERIOD

Portugal
	22.5%	22.5%
Other countries
RECONCILIATION OF THE EFFECTIVE INCOME TAX RATE FOR THE PERIOD
Income before tax	233,748,812	192,777,863
Expected tax at nominal rate (22.5%)	52,593,483	43,375,019
State surcharge	10,487,050	9,294,750
Income tax resulting from the applicable tax rate	63,080,533	52,669,769
Differences (a)	82,560	651,793
Tax for prior periods	39,764	(12,177,498)
Recoverable tax losses	(450,585)	11,300,060
Non-recoverable tax losses	1,963,097	2,711,233
Increase in additional tax liabilities	3,593,578	3,947,808
Reversal of additional tax liabilities	(7,022,651)	-
Effect of the reconciliation of nominal rates of the different countries	(185,600)	(403,846)
Tax benefits	(5,136,430)	(13,172,500)
Hyperinflationary economies	-	342,456
Other tax adjustments	298,457	262,619
	56,262,723	46,131,894
Effective tax rate	24.07%	23.93%
(a) This amount concerns mainly :	1H 2024	1H 2023
Effect of applying the equity method (Note 10.3)	(1,751,752)	(1,196,151)
Capital gains/ (losses) for tax purposes	1,934,334	99,555
Capital gains/ (losses) for accounting purposes	(2,389,765)	(215,313)
Impairment and taxed provisions	2,101,051	8,954,947
Tax benefits	(3,753,608)	(1,583,518)
Reduction of impairment and taxed provisions	(208,339)	(2,185,405)
Post-employment benefits	(47,035)	12,213
Other	4,482,047	(989,470)
	366,933	2,896,858

	56,262,723	46,131,894
Capital gains/ (losses) for accounting purposes	(2,389,765)	(215,313)
Impairment and taxed provisions	2,101,051	8,954,947
Tax benefits	(3,753,608)	(1,583,518)
Reduction of impairment and taxed provisions	(208,339)	(2,185,405)
Post-employment benefits	(47,035)	12,213
Other	4,482,047	(989,470)
	366,933	2,896,858
	82,560	651,793

TAX RECOGNISED IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

TAX RECOGNISED IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Amounts in Euro	30/06/2024	31/12/2023
Assets
Corporate Income Tax – IRC	14,835,834	11,517,397
Amounts pending repayment (tax proceedings decided in favour of the Group)	24,605,327	18,385,534
	39,441,161	29,902,931
		11,429,068
Liabilities
Corporate Income Tax – IRC	80,998,688
Additional tax liabilities	36,636,106	41,197,731
	117,634,794	52,626,799
DETAIL OF CORPORATE INCOME TAX - IRC (NET)
Amounts in Euro	30/06/2024	31/12/2023
Income tax for the period	70,494,182	89,747,030
Exchange rate adjustment	(16,474)	(36,166)
Payments on account, special and additional payments on account	(6,984,910)	(80,132,028)
Withholding tax recoverable	(2,377,861)	(2,588,543)
Corporate Income Tax from prior years	5,047,917	(7,078,622)

DETAIL OF CORPORATE INCOME TAX - IRC (NET)

66,162,854	(88,329)

6.2. DEFERRED TAXES

ACCOUNTING POLICIES

Deferred tax is calculated based on the Consolidated statement of financial position on the temporary differences between the book values of the assets and liabilities and their respective tax base. To determine the deferred tax, the tax rate expected to be in force in the period in which the temporary differences will be reversed is used. Deferred tax assets are recognised whenever there is a reasonable likelihood that future taxable profits will be generated against which they can be offset. Deferred tax assets are revised periodically and decreased, whenever it is likely that tax losses will not be used.

Deferred taxes are recorded as an income or expense for the period, except where they result from amounts recorded directly under equity, situation in which deferred tax is also recorded under the same caption. Tax incentives attributed to the Group regarding its investment projects are recognised through the income statement as there is sufficient taxable income to allow its use.

MOVEMENTS IN DEFERRED TAXES

MOVEMENTS IN DEFERRED TAXES
				Income Statement
		Exchange rate adjustment			Net monetary position			Change in the perimeter
Amounts in Euro Temporary differences originating deferred tax assets	As at 1 January 2024		Increases	Decreases		Equity	Transfers		As at 30 June 2024
Tax losses carried forward	234,629,368	(6,772,281)	9,192,532	(36,897,142)	-	-	-	56,583,278	256,735,755
Taxed provisions	49,945,756	(6,816)	5,936,222	(1,843,018)	-	-	-	-	54,032,144
Adjustment of property, plant and equipment Pensions and other post-employment benefits	40,612,705 2,224,161	(292,396) 1,009	849,370 46,021	(8,600,388) (140,562)	- -	- 8,354	(632,057) -	- -	31,937,234 2,138,983
Financial instruments	8,405,075	-	-	(1,179,231)	-	-	7,051,041	-	14,276,885
Deferred accounting gains on transactions (intra-group)	16,053,617	(145,376)	12,930,103	(1,294,837)	-	-	-	-	27,543,507
Appreciation of biological assets Government grants	24,904,297 5,814,265	- -	- 500,979	(163,957) (190,187)	- -	- -	- -	- -	24,740,340 6,125,057
Fair value determined in business combinations	61,366	-	-	-	-	-	-	-	61,366
Conventional capital remuneration	280,000	-	-	-	-	-	-	-	280,000
Lease liabilities relating to right-of-use assets Other temporary differences	- 4,666,203	- 6,790	71,457,852 2,136,409	- (227,112)	- -	- (794,639)	- (1,773,380)	- -	71,457,852 4,014,271
	387,596,813	(7,209,070)	103,049,488	(50,536,434)	-	(786,285)	4,645,604	56,583,278	493,343,394
Temporary differences originating deferred tax liabilities
Revaluation of property, plant and equipment	(36,018,220)	3,510,908	-	352,398	-	-	-	-	(32,154,914)
Pensions and other post-employment benefits Financial instruments	(1,599,042) (17,838,378)	- (191,649)	(14,941) (2,095,175)	15,267 -	- -	(545,290) (18,966,221)	- (7,051,041)	- -	(2,144,006) (46,142,464)
Tax incentives	(3,714,470)	-	-	190,189	-	387,484	-	-	(3,136,797)
Adjustment of property, plant and equipment	(381,333,281)	5,350,331	(5,022,116)	17,671,604	-	-	-	(56,404,249)	(419,737,711)
Deferred accounting losses on transactions (intra-group) Appreciation of biological assets	(16,703,845) (3,519,844)	- -	- -	175 -	- -	- -	- -	- -	(16,703,670) (3,519,844)
Fair value of intangible assets - Brands	(233,379,749)	349,227	-	-	-	-	-	-	(233,030,522)
Fair value of fixed assets	(19,875,741)	-	-	7,635,775	-	-	-	-	(12,239,966)
Fair value determined in business combinations Hyperinflationary economies	(144,194,297) (24,591,728)	1,255,912 (791,948)	(1,297,943) -	8,004,414 -	- -	- -	- -	- -	(136,231,914) (25,383,676)
Right-of-use assets	-	-	(65,960,788)	-	-	-	-	-	(65,960,788)
Other temporary differences	(29,425,891)	52,644	(3,116,833)	2,349,996	-	-	-	(235,447)	(30,375,531)
Deferred tax assets	(912,194,486) 101,622,122	9,535,425 (2,760,981)	(77,507,796) 27,691,631	36,219,818 (12,031,779)	- -	(19,124,027) (169,524)	(7,051,041) 2,397,355	(56,639,696) 14,145,820	(1,026,761,803) 130,894,644
Deferred tax liabilities	(249,454,910)	3,434,680	(20,934,224)	9,641,624	-	(4,969,731)	(2,397,352)	(14,159,924)	(278,839,837)
				Income Statement
Amounts in Euro	As at 1 January 2023	Exchange rate adjustment	Increases	Decreases	Net monetary position	Equity	Transfers	Change in the	perimeter As at 31 December 2023
Temporary differences originating deferred tax assets
Tax losses carried forward Taxed provisions	189,467,629 38,164,136	2,697,896 (70,763)	77,248,812 16,116,308	(34,837,815) (4,263,925)	- -	- -	- -	52,846 -	234,629,368 49,945,756
Adjustment of property, plant and equipment	46,236,126	28,089	14,738,442	(20,692,557)	-	-	(14,472)	317,077	40,612,705
Pensions and other post-employment benefits	2,594,441	(17,241)	172,185	(376,948)	-	(148,276)	-	-	2,224,161
Financial instruments Deferred accounting gains on transactions (intra-group)	- 29,872,466	- 10,016	1,904,741 2,324,149	(1,839) (16,153,014)	- -	6,502,173 -	- -	- -	8,405,075 16,053,617
Appreciation of biological assets	14,456,082	-	10,448,215	-	-	-	-	-	24,904,297
Government grants	2,196,772	-	1,322,886	(695,078)	-	-	424,055	2,565,630	5,814,265
Fair value determined in business combinations	61,366	-	-	-	-	-	-	-	61,366
Conventional capital remuneration Other temporary differences	560,000 5,998,851	- (774,674)	- 10,446,730	(280,000) (9,982,404)	- -	- -	- (1,022,300)	- -	280,000 4,666,203
	329,607,869	1,873,323	134,722,468	(87,283,580)	-	6,353,897	(612,717)	2,935,553	387,596,813
Temporary differences originating deferred tax liabilities

				Income Statement
		Exchange rate adjustment			Net monetary position			Change in the
Amounts in Euro	As at 1 January 2023		Increases	Decreases		Equity	Transfers		perimeter As at 31 December 2023
Temporary differences originating deferred tax assets
Tax losses carried forward	189,467,629	2,697,896	77,248,812	(34,837,815)	-	-	-	52,846	234,629,368
Taxed provisions	38,164,136	(70,763)	16,116,308	(4,263,925)	-	-	-	-	49,945,756
Adjustment of property, plant and equipment	46,236,126	28,089	14,738,442	(20,692,557)	-	-	(14,472)	317,077	40,612,705
Pensions and other post-employment benefits	2,594,441	(17,241)	172,185	(376,948)	-	(148,276)	-	-	2,224,161
Financial instruments	-	-	1,904,741	(1,839)	-	6,502,173	-	-	8,405,075
Deferred accounting gains on transactions (intra-group)	29,872,466	10,016	2,324,149	(16,153,014)	-	-	-	-	16,053,617
Appreciation of biological assets	14,456,082	-	10,448,215	-	-	-	-	-	24,904,297
Government grants	2,196,772	-	1,322,886	(695,078)	-	-	424,055	2,565,630	5,814,265
Fair value determined in business combinations	61,366	-	-	-	-	-	-	-	61,366
Conventional capital remuneration	560,000	-	-	(280,000)	-	-	-	-	280,000
Other temporary differences	5,998,851	(774,674)	10,446,730	(9,982,404)	-	-	(1,022,300)	-	4,666,203
	329,607,869	1,873,323	134,722,468	(87,283,580)	-	6,353,897	(612,717)	2,935,553	387,596,813
Temporary differences originating deferred tax liabilities
Revaluation of property, plant and equipment	(35,234,521)	(1,369,891)	-	586,192	-	-	-	-	(36,018,220)
Pensions and other post-employment benefits	(387,989)	-	(28,270)	17,172	-	(1,199,955)	-	-	(1,599,042)
Financial instruments	(45,281,108)	320,029	(3,311,007)	14,759	-	30,418,949	-	-	(17,838,378)
Tax incentives	(3,862,494)	-	-	462,851	-	331,950	-	(646,777)	(3,714,470)
Adjustment of property, plant and equipment	(367,346,424)	(1,770,816)	(11,384,700)	32,907,430	-	-	(33,735,165)	(3,606)	(381,333,281)
Deferred accounting losses on transactions (intra-group) Appreciation of biological assets	(16,893,162)	1,133	-	188,184	-	-	-	-	(16,703,845)
	(5,403,744)	-	-	1,883,900	-	-	-	-	(3,519,844)
	(226,497,104)	(134,645)	-	-	-	-	-	(6,748,000)	(233,379,749)
Fair value of intangible assets - Brands	(35,147,291)	-	-	15,271,550	-	-	-	-	(19,875,741)
Fair value of fixed assets				5,153,772	-	-	-	(89,429,600)	(144,194,297)
Fair value determined in business combinations	(57,445,842)	138,859	(2,611,486)		(17,462,048)	(2,247,266)	-	-	(24,591,728)
Hyperinflationary economies	(13,835,795)	6,660,116	-	2,293,265			33,735,165	-	(29,425,891)
Other temporary differences	(55,330,394)	74,809	(11,422,375)	3,511,264	-	5,640
	(862,665,868)	3,919,594	(28,757,838)	62,290,339	(17,462,048)	27,309,318	-	(96,827,983)	(912,194,486)
Deferred tax assets	85,880,368	782,973	31,791,679	(20,914,113)	-	1,423,106	-	2,658,109	101,622,122

7 PAYROLL

7.1. SHORT-TERM EMPLOYEE BENEFITS

ACCOUNTING POLICIES

ACQUIRED RIGHTS - HOLIDAYS AND HOLIDAY ALLOWANCE

In accordance with current legislation, employees are entitled to 22 working days leave, annually, as well as to a month's holiday allowance, entitlement to which is acquired in the year preceding its payment.

BONUSES

TERMINATION BENEFITS

PAYROLL COSTS RECOGNISED IN THE PERIOD

BONUSES
According to the current Performance Management System (Sistema de Gestão de Desempenho), employees have the right to a bonus, based on annually defined objectives. The entitlement of this bonus is usually acquired in the year preceding its payment.
These liabilities are recorded in the year in which the Employees acquire the respective right, irrespective of the date of payment, whilst the balance payable at the date of the Statement of financial position is shown under the caption Current payables.
TERMINATION BENEFITS The benefits arising from termination of employment are recognised when the Group can no longer withdraw the offer
of such benefits or in which the Group recognises the cost of restructuring under the provisions recording. Benefits due more than 12 months after the end of the reporting period are discounted to their present value. PAYROLL COSTS RECOGNISED IN THE PERIOD
Amounts in Euro	Note
Statutory bodies remuneration		1H 2024 7,002,859	1H 2023 6,459,638
Other remunerations		115,777,450	100,506,587
Post-employment benefits	7.2.10	1,366,912	1,676,041
Other payroll costs		40,259,720	31,635,899

OTHER PAYROLL COSTS

employee bonuses and the productivity bonus. Overall, the increase in payroll costs is due to the acquisition of Accrol, which was incorporated into the Group in May 2024, with an impact as at 30 June of Euro 3,745,126, the costs with the rejuvenation programme and the consolidation of six months of Triangle's payroll costs, whose impact amounted to Euro 3,440,096.
OTHER PAYROLL COSTS
Amounts in Euro		1H 2024	1H 2023
Social Security contributions		24,195,880	21,475,007
Insurance		3,840,198	2,924,724
Social welfare costs		4,580,758	4,455,082
Compensations		4,312,788	(302,284)
Other payroll costs		3,330,096 40,259,720	3,083,370 31,635,899
NUMBER OF EMPLOYEES AT THE END OF THE PERIOD
	30/06/2024	31/12/2023	Var. 24/23
Pulp and Paper	3,940	3,467	473
Cement	2,538	2,453	85
Other businesses	567	592	(25)
Holdings	41	37	4

NUMBER OF EMPLOYEES AT THE END OF THE PERIOD

Cement	2,538	2,453	85
	7,086	6,549	537

7.2. POST-EMPLOYMENT BENEFITS

ACCOUNTING POLICIES

DEFINED BENEFIT PLAN

Some of the Group subsidiaries have assumed the commitment to make payments to their employees in the form of complementary retirement pensions, disability, early retirement and survivors' pensions, having constituted definedbenefit plans.

The Group has set up autonomous Pension Funds as a means of funding part of its liabilities. Based on the projected credit unit method, the Group recognises the costs with the attribution of these benefits as the services are provided by the employees. The total liability is estimated separately for each plan at least once every six months, on the date of closing of the interim and annual accounts, by a specialised and independent entity.

The calculated liability is presented in the Consolidated statement of financial position, after deducting the fair value of the funds set up, under the caption Pensions and other post-employment benefits.

Actuarial deviations resulting from changes in the value of estimated liabilities, as a consequence of changes in the financial and demographic assumptions used and experience gains, added to the differential between the actual return on fund assets and the estimated share of net interest, are designated as re-measurements and recorded directly in the statement of comprehensive income, under retained earnings.

Net interest corresponds to the application of the discount rate to the value of net liabilities (value of liabilities less the fair value of fund assets) and is recognised in the income statement for the period under Payroll costs.

The gains and losses generated by a curtailment or settlement of a defined-benefit plan are recognised in the income statement for the period when the curtailment or settlement occurs. A curtailment occurs when there is a material reduction in the number of employees.

Costs for past liabilities resulting from the implementation of a new plan or increases in benefits attributed are recognised immediately in profit or loss for the period.

DEFINED CONTRIBUTION PLAN

Some of the Group's subsidiaries have assumed commitments, regarding contributing to a defined contribution plan with a percentage of the beneficiaries' salary, in order to provide retirement, disability and survivors' pensions.

To this end, Pension Funds have been set up to capitalise on those contributions, for which employees may still make voluntary contributions, but for which the Group does not assume any additional contribution responsibilities or a prefixed return. Thus, the contributions made are recorded as expenses of the period in which they are recognised, regardless of the time of their settlement.

7.2.1 PLANS | NAVIGATOR SUBGROUP

	Navigator – Defined Benefit Plans
Description	The Navigator Group has responsibilities with post-employment benefit plans for a reduced group of Employees who have chosen to maintain the defined benefit plan or who have chosen to maintain a safeguard clause, the latter following the conversion of their plan into a Defined Contribution Plan. In effect, the safeguard clause gives the Employee the option, at the time of retirement, to pay a pension in accordance with the provisions laid down on the Defined Benefit Plan. For those who choose to activate the Safeguard Clause, the accumulated balance in the Defined Contribution Plan (Conta 1) will be used to finance the liability of the Defined Benefit Plan.
	Navigator - Defined contributions plans
Description	As at 30 June 2024, three Defined Contribution plans were in force covering 3,238 employees (2023: 3,200 employees).

7.2.2 PLANS | SECIL SUBGROUP

	Secil - Retirement and survivors' pension supplement liabilities (defined benefit plans with funds managed by third parties)
Description	The subsidiary Secil and its subsidiaries Secil Betão, S.A. (formerly Unibetão - Indústrias de Betão Preparado, S.A.), Cimentos Madeira, Lda., Betomadeira, S.A. and Societé des Ciments de Gabés have assumed the commitment to pay their employees amounts by way of complementary old age, disability, early retirement and survivor's pensions and a retirement subsidy. The liabilities arising from these plans are guaranteed by independent funds, administered by third parties, or covered by insurance policies. These plans are valued every six months, at the dates of closing of the interim and annual financial statements, by specialised and independent entities, using the projected unit credit method.
(Group defined benefit plans)	Secil - Retirement and survivors' pension supplement liabilities
Description	The liabilities of Secil's retired employees in 31 December 1987 (date of incorporation of the Pension Fund) are guaranteed
	directly by Secil. Similarly, the liability assumed by Secil Martingança, S.A. are guaranteed directly by this entity.
	These plans are also valued every six months by specialised and independent entities, using the method for calculating
	capital coverage corresponding to single premiums of the immediate life annuities, in the valuation of the liabilities to
Secil- Liabilities for health care	current pensioners and the projected unit credit method for valuing liabilities relating to current employees.
(defined benefit plan)
Description	The subsidiary Cimentos Madeira, Lda. provides to their retired employees a healthcare scheme which supplements the
	official health services through an insurance contract. Secil – Liabilities for retirement and death
(defined benefit plan)
Description	The subsidiary Societé des Ciments de Gabès (Tunisia) assumed the commitment to its employees to pay an old-age retirement and disability subsidy, according to the terms of the General Labour Agreement, Article No. 52, representing: (i) 3 months of the last salary if the worker has less than 30 years' service to the company, and (ii) 4 months of the last salary, if the worker has 30 years or more service to the company.
	Secil assumed with its employees hired prior to January 1 January 2011, the responsibility for the payment of a subsidy on death of current employee, of an amount equal to 3 months of the last salary earned, or 1 month in the case of former employees of CMP – Cimentos Maceira e Patais, S.A.
Secil- Defined contribution plans
Secil and CMP Plan (Applicable to Secil, CMP and Secil Brands)	Secil and CMP Plans include all workers who, as at 31 December 2009, had an open-ended employment contract (and who were covered by the defined benefits plan in force in the companies) and who have opted for the transition to these Plans and all the workers admitted under an agreement without term, as of 1 January 2010, also being applicable to the members of the Board of Directors.
SBI Plan	Secil Betão and Secil Britas: Include all employees who as at 31 December 2009 had an open-ended employment contract.
(Applicable to Secil	In the case of Secil Betão, under the CCT between APEB and FETESE, and all employees admitted under a contract without term, as from 1 January 2010, with the exception of Secil Betão employees who are covered by the CCT entered into
Betão, Secil Britas,	between APEB and FEVICCOM, who continue to benefit from the defined benefit Plan. The plan is applicable to members
Betomadeira,	of the Board of Directors.
Cimentos Madeira,
Brimade)	Betomadeira: Includes all employees who as at 31 December 2010 had an open-ended employment contract concluded under the CCT entered into between APEB and FETESE, and all employees hired under an open-ended contract as of 1 January 2011. The plan is applicable to members of the Board of Directors.
	Cimentos Madeira and Brimade: Include all employees who as at 1 January 2012 and 1 July 2012, for Cimentos Madeira and Brimade, respectively, had an open-ended employment contract and to all employees admitted under an open-ended contract as from the aforementioned dates. The plan is applicable to members of the Board of Directors.
Secil - Liabilities for long-service awards
Description	Secil has assumed the commitment to pay their Employees bonuses to those who attain 25 years of service, which are paid in the year that the employee reaches the number of years of service within the company.

7.2.3 RISK MANAGEMENT POLICY ASSOCIATED WITH DEFINED BENEFIT PLANS

The Group's exposure to risk is limited to the number of existing beneficiaries and will tend to decrease, since there are no defined benefit plans open to new employees in the Group. The most significant risks to which the Group is exposed through defined benefit plans include:

• Risk of change in the longevity of participants
• Market rate variation risk rate variation impacts the rate used to discount liabilities (technical interest rate) which is based on yield curves of highly rated bonds with maturities similar to the liabilities' expiry dates and the fixed rate of return of the assets.
• Risk of change in the wage and pension growth rate

7.2.4 ACTUARIAL ASSUMPTIONS

benefit.	aforementioned risks may lead to the need for additional contributions to the fund considering the nature of the defined
The Group's goal is to maintain a liability coverage level of 90%.
ACCOUNTING ESTIMATES AND JUDGEMENTS
7.2.4 ACTUARIAL ASSUMPTIONS In the period ended 30 June 2024 and given the duration of the liabilities, there were no significant changes in the
discount rates that would justify updating the actuarial plan and the respective assumptions.
	30/06/2024	31/12/2023
Social Security Benefits Formula	Decree Law no 187/2007 of 10 May
Disability table	EKV 80	EKV 80
Mortality table	TV 88/90	TV 88/90
Salary growth rate - cement segment	2.25%	2.25%
Salary growth rate - other segments	2.00%	2.00%
Technical interest rate - cement segment	3.00%	3.00%
Technical interest rate - other segments	3.50%	3.50%
Pensions growth rate - cement segment	1.58%	1.58%
Pensions growth rate - other segments Semapa pension reversibility rate	1,5% or 2,00% 50.00%	1,5% or 2,00% 50.00%

7.2.5 NET PENSION LIABILITIES

7.2.5 NET PENSION LIABILITIES benefit plans in force in the Group are detailed as follows: Pulp and Paper Cement Holdings Total No. of Benef No. of Benef No. of Benef No. of Benef 30 June 2024 Amount Amount Amount Pension liabilities Current 311 44,872,333 40 21,278 - - 351 44,893,611 Former employees 130 21,098,324 - - - - 130 21,098,324 Retired employees 640 94,871,311 445 11,800,498 1 527,036 1,086 107,198,845 Market value of Pension funds - (160,437,240) - (11,340,651) - - -
Amount (171,777,891)
Net liabilities reflected in the consolidated statement of financial position and the number of beneficiaries of the defined
Capital insured - - 56 171,295 - - 56 171,295
Insurance policies - - - (66,136) - - - (66,136)
Reserve account* - - - (563,861) - - - (563,861)
Unfunded pension liabilities 1,081 404,728 541 22,423 1 527,036 1,623 954,187
Other liabilities without allocated funds
Healthcare assistance - - 5 41,985 - - 5 41,985
Retirement and death - - 468 159,805 - - 468 159,805
Total post-employment benefits 1,081 404,728 1,014 224,213 1 527,036 2,096 1,155,977
Long-service award - - 386 374,434 - - 386 374,434
Total net liabilities 1,081 404,728 1,400 598,647 1 527,036 2,482 1,530,411
* Excess fund in changing to DC
Pulp and Paper Cement Holdings Total
No. of Benef No. of Benef No. of Benef No. of Benef
31 December 2023 Amount Amount Amount Amount
Pension liabilities
Current 352 50,509,668 40 22,452 - - 392 50,532,120
Former employees 112 17,469,425 - - - - 112 17,469,425
Retired employees 622 90,277,782 445 12,481,992 1 580,578 1,068 103,340,352
Market value of Pension funds - (159,034,022) - (11,702,073) - - - (170,736,095)
Capital insured - - 56 168,149 - - 56 168,149
Insurance policies - - - (82,126) - - - (82,126)
Reserve account* - - - (568,807) - - - (568,807)
Unfunded pension liabilities 1,086 (777,147) 541 319,587 1 580,578 1,628 123,018
Other liabilities without allocated funds
Healthcare assistance - - 5 43,567 - - 5 43,567
Retirement and death - - 468 148,104 - - 468 148,104
Total post-employment benefits 1,086 (777,147) 1,014 511,258 1 580,578 2,101 314,689

	Pulp and Paper			Cement	Holdings		Total
Pension liabilities
* Excess fund in changing to DC
					Holdings
								Total
		Pulp and Paper		Cement
31 December 2023	No. of Benef	Amount	No. of Benef	Amount	No. of Benef	Amount	No. of Benef	Amount
Pension liabilities
Current	352	50,509,668	40	22,452	-	-	392	50,532,120
Former employees	112	17,469,425	-	-	-	-	112	17,469,425
Retired employees	622	90,277,782	445	12,481,992	1	580,578	1,068	103,340,352
Market value of Pension funds	-	(159,034,022)	-	(11,702,073)	-	-	-	(170,736,095)
Capital insured	-	-	56	168,149	-	-	56	168,149
Insurance policies	-	-	-	(82,126)	-	-	-	(82,126)
Reserve account*	-	-	-	(568,807)	-	-	-	(568,807)
Unfunded pension liabilities	1,086	(777,147)	541	319,587	1	580,578	1,628	123,018
Other liabilities without allocated funds
Healthcare assistance		- -	5	43,567	-	-	5	43,567
Retirement and death		- -	468	148,104	-	-	468	148,104
Total post-employment benefits	1,086	(777,147)	1,014	511,258	1	580,578	2,101	314,689
Long-service award Total net liabilities	1,086	- - (777,147)	386 1,400	377,309 888,567	- 1	- 580,578	386 2,487	377,309 691,998

7.2.6 CHANGES IN PENSION AND OTHER POST-EMPLOYMENT BENEFITS

7.2.6	CHANGES IN PENSION AND OTHER POST-EMPLOYMENT BENEFITS
30 June 2024
Amounts in Euro	Opening balance	Exchange rate change	Changes in assumptions	Income and expenses	Actuarial deviations	Payments performed	Closing balance
Pulp and Paper segment
Pensions with autonomous fund	158,256,875	-	-	2,722,602	3,126,331	(3,263,840)	160,841,968
Cement segment
Pensions assumed by the Group	1,525,465	-	-	20,897	651	(132,977)	1,414,036
Pensions with autonomous fund	10,978,979	(4)	-	154,293	(135,933)	(589,595)	10,407,740
Capital insured	168,149	1,093	-	14,777	5,919	(18,643)	171,295
Retirement and death	148,105	412	-	13,038	-	(1,749)	159,806
Healthcare assistance	43,566	-	-	620	(97)	(2,105)	41,984
Long-service award	377,309	-	-	19,866	-	(22,742)	374,433
Holdings segment
Pensions assumed by the Group	580,578	-	-	11,716	-	(65,257)	527,037
	172,079,026	1,501	-	2,957,809	2,996,871	(4,096,908)	173,938,299
31 December 2023		Exchange rate	Changes in
Amounts in Euro	Opening balance	change	assumptions	Income and expenses	Actuarial deviations	Payments performed	Closing balance
Pulp and Paper segment
Pensions with autonomous fund	157,269,644	-	-	5,417,638	2,467,179	(6,897,586)	158,256,875
Cement segment
Pensions assumed by the Group	1,908,075	-	(23,466)	42,917	(119,845)	(282,216)	1,525,465
Pensions with autonomous fund	12,239,792	-	(196,413)	292,262	96,912	(1,453,574)	10,978,979
Capital insured	185,458	(2,888)	-	22,674	18	(37,113)	168,149
Retirement and death	151,976	(15,871)	(5,119)	23,237	(3,733)	(2,385)	148,105
Healthcare assistance	43,456	-	-	1,037	2,766	(3,693)	43,566
Long-service award	365,486	-	-	92,745	-	(80,922)	377,309
Holdings
Pensions assumed by the Group	687,663	-	-	23,430	-	(130,515)	580,578
	172,851,550	(18,759)	(224,998)	5,915,940	2,443,297	(8,888,004)	172,079,026
7.2.7	CHANGES IN FUNDS ALLOCATED TO THE DEFINED BENEFIT PENSION PLANS
Amounts in Euro
			Autonomous fund	Capital insured	Autonomous fund		Capital insured
			170,736,095	82,126		166,618,336	108,062
Opening balance Exchange rate change			-		496	-	(1,518)

Cement segment
Holdings segment
31 December 2023		Exchange rate	Changes in
Amounts in Euro	Opening balance	change	assumptions
Pulp and Paper segment
Cement segment
Holdings
Pensions assumed by the Group	687,663	-	-	23,430	-	(130,515)	580,578
	172,851,550	(18,759)	(224,998)	5,915,940	2,443,297	(8,888,004)	172,079,026
7.2.7 CHANGES IN FUNDS ALLOCATED TO THE DEFINED BENEFIT PENSION PLANS Amounts in Euro			Autonomous fund	Capital insured	Autonomous fund		Capital insured
Opening balance			170,736,095	82,126		166,618,336	108,062
Exchange rate change			-	496		-	(1,518)
Charge for the period			-		-	3,526	-
Insurance			2,885,323	4,121		5,577,720	9,394
Expected return on plan assets			2,009,910	(1,965)		6,887,686	3,301
Pensions paid Closing balance			(3,853,437) 171,777,891	(18,642) 66,136		(8,351,173) 170,736,095	(37,113) 82,126

7.2.7 CHANGES IN FUNDS ALLOCATED TO THE DEFINED BENEFIT PENSION PLANS

the Group's subsidiaries and no contributions were made by the participants. FUNDS ALLOCATED TO DEFINED BENEFIT PLAN – ESTIMATED CONTRIBUTIONS IN THE FOLLOWING PERIOD
The contributions planned for the next annual reporting period are, among other factors, dependent on the profitability of the funds' assets.
7.2.8 COMPOSITION OF THE ASSETS OF THE FUNDS ALLOCATED TO DEFINED BENEFIT PLANS
Amounts in Euro	30/06/2024	%	31/12/2023 %
Securities listed in the market
Bonds	97,944,338	57.0%	97,816,783 57.3%

FUNDS ALLOCATED TO DEFINED BENEFIT PLAN – ESTIMATED CONTRIBUTIONS IN THE FOLLOWING PERIOD

7.2.8 COMPOSITION OF THE ASSETS OF THE FUNDS ALLOCATED TO DEFINED BENEFIT PLANS

the Group's subsidiaries and no contributions were made by the participants.
FUNDS ALLOCATED TO DEFINED BENEFIT PLAN – ESTIMATED CONTRIBUTIONS IN THE FOLLOWING PERIOD
The contributions planned for the next annual reporting period are, among other factors, dependent on the profitability of the funds' assets.
7.2.8 COMPOSITION OF THE ASSETS OF THE FUNDS ALLOCATED TO DEFINED BENEFIT PLANS Amounts in Euro	30/06/2024	%	31/12/2023 %
Securities listed in the market
Bonds	97,944,338	57.0%	97,816,783 57.3%
Shared	44,305,461	25.8%	40,846,428 23.9%
Public debt	22,471,548	13.1%	23,854,341 14.0%
Liquidity	1,373,021	0.8%	2,306,289 1.4%
Other treasury investments	5,683,523	3.3%	5,912,254 3.5%

7.2.9 EXPENSES INCURRED WITH POST-EMPLOYMENT BENEFIT PLANS

7.2.9 EXPENSES INCURRED WITH POST-EMPLOYMENT BENEFIT PLANS
			1H 2024
				Period	Impact on
	Current		Expected return	contributions	net profit
Amounts in Euro	services cost	Interest expense	on assets	(DC Plans)	(Note 7.1)
Pensions assumed by the Group	-	32,613	-	-	32,613
Pensions with autonomous fund	10,544	145,674	(164,646)	-	(8,428)
Insurance policies	6,336	8,441	(4,121)	-	10,656
Retirement and death	6,553	6,485	-	-	13,038
Healthcare assistance	-	620	-	-	620
Long-service award	13,958	5,908	-	-	19,866
Contributions to defined contributions plans	-	-	-	1,298,547	1,298,547
	37,391	199,741	(168,767)	1,298,547	1,366,912
			1H 2023
				Period	Impact on
	Current		Expected return	contributions	net profit
Amounts in Euro	services cost	Interest expense	on assets	(DC Plans)	(Note 7.1)
Pensions assumed by the Group		- 32,363	-	-	32,363
Pensions with autonomous fund	11,910	2,843,064	(2,788,872)	687,410	753,512
Insurance policies	3,480	7,913	(4,720)	-	6,673
Retirement and death	6,780	6,989	-	-	13,769
Healthcare assistance	519	-	-	-	519
Long-service award	13,103	4,810	2	-	17,915
Contributions to defined contributions plans	-	-	-	851,290	851,290
	35,792	2,895,139	(2,793,590)	1,538,700	1,676,041
7.2.10 REMEASUREMENTS RECOGNISED DIRECTLY IN OTHER COMPREHENSIVE INCOME
1H 2024 Amounts in Euro	Gains and losses	Expected return

			1H 2023
				Period	Impact on
			Expected return	contributions	net profit
Amounts in Euro			on assets	(DC Plans)	(Note 7.1)
7.2.10 REMEASUREMENTS RECOGNISED DIRECTLY IN OTHER COMPREHENSIVE INCOME
1H 2024		Expected return
Amounts in Euro	Gains and losses	on plan assets	Gross amount	Defererd tax	Impact on equity
Post-employment benefits
Pensions assumed by the Group	(651)	-	(651)	179	(472)
Pensions with autonomous fund	(2,996,317)	2,007,945	(988,372)	(148,752)	(1,137,124)
Healthcare assistance	97	-	97	(21)	76
	(2,996,871)	2,007,945	(988,926)	(148,594)	(1,137,520)
1H 2023		Expected return
Amounts in Euro	Gains and losses	on plan assets	Gross amount	Defererd tax	Impact on equity
Post-employment benefits
Pensions assumed by the Group	10,372	-	10,372	(2,846)	7,526
Pensions with autonomous fund	(1,773,015)	264,625	(1,508,390)	(118,083)	(1,626,473)
Healthcare assistance	559	-	559	(119)	440

7.2.10 REMEASUREMENTS RECOGNISED DIRECTLY IN OTHER COMPREHENSIVE INCOME

1H 2024		Expected return
Amounts in Euro	Gains and losses
Post-employment benefits

7.2.10 REMEASUREMENTS RECOGNISED DIRECTLY IN OTHER COMPREHENSIVE INCOME
1H 2024		Expected return
Amounts in Euro	Gains and losses
Post-employment benefits
		Expected return
	Gains and losses	on plan assets	Gross amount	Defererd tax	Impact on equity
Post-employment benefits
Pensions assumed by the Group	10,372	-	10,372	(2,846)	7,526
Pensions with autonomous fund	(1,773,015)	264,625	(1,508,390)	(118,083)	(1,626,473)
Healthcare assistance	559	-	559	(119)	440
	(1,762,084)	264,625	(1,497,459)	(121,048)	(1,618,507)
8 FINANCIAL INSTRUMENTS

8 FINANCIAL INSTRUMENTS

8.1. FINANCIAL RISK MANAGEMENT

Semapa, as a holding company (SGPS) develops direct and indirect managing activities over its subsidiaries. Therefore, the fulfilment of the obligations assumed depends on the cash-flows generated by them. The Company thus depends on the eventual distribution of dividends by its subsidiaries, payment of interest, repayment of loans granted, and other cash-flows generated by these companies.

The ability of Semapa's subsidiaries to make funds available to the holding will depend, partly, on their ability to generate positive cash flows and, on the other hand, on the respective earnings, available reserves for distribution and financial structure.

The Semapa Group has a risk management programme, which focuses its analysis on the financial markets with a view to mitigate the potential adverse effects on its financial performance. Risk management is undertaken by the Financial Management of the holding and main subsidiaries, in accordance with the policies approved by the Board of Directors and monitored by the Risks and Control Committee.

The Group adopts a proactive approach to risk management, as a way to mitigate the potential adverse effects associated with those risks, namely the foreign exchange risk, the interest rate risk and the risk of access to financing.

8.1.1 FOREIGN EXCHANGE RISK

FOREIGN EXCHANGE RISK MANAGEMENT POLICY

PULP AND PAPER

Regarding the Pulp and Paper segment, a significant portion of its sales is denominated in currencies other than Euro. Thus, its development could have a significant impact on cash flows obtained with future sales of the Group, mainly regarding USD exposure. Also, sales in GBP, PLN and CHF have some weight, having sales in other currencies less expression.

Purchases of some raw materials are also made in USD, namely part of wood and long-fibre pulp imports of wood and acquisitions of long-fibre pulp. Therefore, changes in USD may have an impact on acquisition values.

Furthermore, and although there is a partial natural hedge, once a purchase or sale is made in a currency other than in Euro, the Group takes on a foreign exchange risk up to the time it receives the proceeds of that purchase or sale, if no hedging instruments are in place. As a result, there is a significant number of receivables and payables, the latter with lesser expression, exposed to exchange rate risk.

CEMENT AND DERIVATIVES

The foreign exchange risk inherent to the segment of Cement and derivatives is mainly due to the current investments held in Brazil and to the purchases of fuel and freight ships, both paid in USD. This segment continued its policy of maximising the potential of covering their foreign exchange exposure. This segment also comprises assets located in Tunisia, Angola and Lebanon, therefore any change in these countries' exchange rates could have an impact on Semapa's consolidated statement of financial position.

The segment analyses its currency exposure from a consolidated perspective at the Secil Group level, and its policy is to maximise natural hedging of flows in a currency other than the presentation currency.

USE OF DERIVATIVE FINANCIAL INSTRUMENTS

Occasionally, when considered appropriate, the Group manages foreign exchange risks through the use of derivative financial instruments, in accordance with a policy that is subject to periodic review, the prime purpose of which is to limit the exchange risk associated with future sales and purchases and accounts receivable and payable, which are

EXPOSURE OF FINANCIAL ASSETS AND LIABILITIES TO FOREIGN EXCHANGE RISK AND SENSITIVITY ANALYSIS

denominated in currencies other than the Euro. However, when a unit trades in a currency other than the Group's
presentation currency or its functional currency, immediate hedging is performed.
In the periods presented, the Group holds derivatives that are hedging the exchange rate risk of future operations in
currencies other than the presentation currency (see Note 8.2 - Derivative financial instruments).
EXPOSURE OF FINANCIAL ASSETS AND LIABILITIES TO FOREIGN EXCHANGE RISK AND SENSITIVITY ANALYSIS
30 June 2024	US dollar	Sterling pound	Polish zloty	Turkish lira	Swiss franc	Brazilian real
Exchange rate at the end of the period	1.071	0.846	4.309	35.187	0.963	5.954
Appreciation / (Depreciation) over the previous period	(3.12%)	(2.61%)	(0.70%)	7.76%	4.04%	11.3%
Average exchange rate in the period	1.081	0.855	4.317	34.236	0.962	5.496
Appreciation / (Depreciation) over the previous period	(0.03%)	(1.75%)	(4.96%)	32.91%	(1.06%)	1.8%
Amounts in foreign currency
Cash and cash equivalents	15,735,471	321,645	24,212	68,989	31,477	115,834,810
Receivables	133,410,374	21,721,140	10,853,907	124,322	1,752,224	127,944,359
Other assets	27,121,655	5,167,134	-	-	-	-
Total financial assets	176,267,500	27,209,919	10,878,119	193,311	1,783,701	243,779,169
Loans	(51,141,536)	-	-	-	-	(166,530,537)
	(22,798,453)	(633,227)	(21,428)	(57,082)	(18,401)	(315,545,613)
Payables
Total financial liabilities	(73,939,989)	(633,227)	(21,428)	(57,082)	(18,401)	(482,076,150)
Financial net position in foreign currency	102,327,511	26,576,692	10,856,691	136,229	1,765,300	(238,296,981)
Financial net position in Euro	95,588,520	31,399,683	2,519,538	3,872	1,832,365	(40,022,334)
Impact of + 10% change on exchange rate	(8,689,865)	(2,854,517)	(229,049)	(352)	(166,579)	3,638,394
Impact of - 10% change on exchange rate	10,620,947	3,488,854	279,949	430	203,596	(4,446,926)
31 December 2023	US dollar	Sterling pound	Polish zloty	Turkish lira	Swiss franc	Brazilian real
	1.105	0.869	4.340	32.653	0.926	5.350
Exchange rate at the end of the period
Appreciation / (Depreciation) over the previous period	3.60%	(2.01%)	(7.29%)	63.55%	(5.96%)	(3.91%)
Average exchange rate in the period	1.082	0.870	4.542	25.760	0.972	5.401
Appreciation / (Depreciation) over the previous period	2.68%	1.99%	(3.09%)	47.90%	(3.26%)	(0.73%)
Amounts in foreign currency
	13,488,061	863,437	259,824	525,311	2,731	77,266,349
	151,082,184	21,697,447	14,349,866	124,322	1,572,289	109,932,796
Cash and cash equivalents
Receivables
Other assets	20,249,572	4,474,188	-	-	-	-
Total financial assets	184,819,817	27,035,072	14,609,690	649,633	1,575,020	187,199,145
Loans	(49,042,855)	-	-	-	-	(165,792,085)

Financial net position in Euro	95.588.520	31.399.683	2.519.538	3,872	1.832.365	(40.022.334)
Impact of + 10% change on exchange rate	(8.689.865)	(2,854,517)	(229,049)	(352)	(166.579)	3.638.394
Impact of - 10% change on exchange rate	10,620,947	3.488.854	279,949	430	203.596	(4,446,926)

Amounts in foreign currency
31 December 2023	US dollar	Sterling pound	Polish zloty	Turkish lira	Swiss franc	Brazilian real
Exchange rate at the end of the period	1.105	0.869	4.340	32.653	0.926	5.350
Appreciation / (Depreciation) over the previous period	3.60%	(2.01%)	(7.29%)	63.55%	(5.96%)	(3.91%)
Average exchange rate in the period	1.082	0.870	4.542	25.760	0.972	5.401
Appreciation / (Depreciation) over the previous period	2.68%	1.99%	(3.09%)	47.90%	(3.26%)	(0.73%)
Amounts in foreign currency
Cash and cash equivalents	13,488,061	863,437	259,824	525,311	2,731	77,266,349
Receivables	151,082,184	21,697,447	14,349,866	124,322	1,572,289	109,932,796
Other assets	20,249,572	4,474,188	-	-	-	-
Total financial assets	184,819,817	27,035,072	14,609,690	649,633	1,575,020	187,199,145
Loans	(49,042,855)	-	-	-	-	(165,792,085)
Payables	(34,023,308)	(64,414)	(25,273)	(5,124,236)	(84,250)	(314,358,916)
Total financial liabilities	(83,066,163)	(64,414)	(25,273)	(5,124,236)	(84,250)	(480,151,001)
Financial net position in foreign currency	101,753,654	26,970,658	14,584,417	(4,474,603)	1,490,770	(292,951,856)
	92,084,755	31,032,859	3,360,852	(137,035)	1,609,903	(54,754,286)
					(146,355)	4,977,662
Financial net position in Euro	(8,371,341)	(2,821,169)	(305,532)	12,458
Impact of + 10% change on exchange rate Impact of - 10% change on exchange rate	10,231,639	3,448,095	373,428	(15,226)	178,878	(6,083,810)

	Mozambican	Moroccan	Lebanese	Tunisian	Angolan	South African
30 June 2024 Exchange rate at the end of the period	metical 68.420	dirham 10.666	pound 95,809.8	dinar 3.368	kwanza 927.394	rand 19.497
Appreciation / (Depreciation) over the previous period	(3.16%)	(2.55%)	(3.34%)	(0.6%)	0.22%	(4.18%)
Average exchange rate in the period	69.112	10.836	96,776.4	3.375	914.566	20.248
Appreciation / (Depreciation) over the previous period	0.01%	(1.09%)	(2.36%)	0.6%	22.29%	1.47%
Amounts in foreign currency
Cash and cash equivalents	38,671,189	591,724	116,290,198	904,869	202,733,560	40,922
Receivables	16,154,123	-	25,665,002	60,401,341	3,515,472,976	-
Other assets	-	-	-	84,254	-	-
Total financial assets	54,825,312	591,724	141,955,200	61,390,464	3,718,206,536	40,922
Loans	-	-	1,826,077	(142,070,457)	(2,036,686,477)	-
Payables	-	(173,728)	(1,510,202,431)	(47,922,629)	(547,592,325)	-
Total financial liabilities	-	(173,728)	(1,508,376,354)	(189,993,086)	(2,584,278,802)	-
Financial net position in foreign currency	54,825,312	417,996	(1,366,421,154)	(128,602,622)	1,133,927,734	40,922
Financial net position in Euro	801,305	39,191	(14,262)	(38,184,810)	1,222,704	2,099
Impact of + 10% change on exchange rate	(72,846)	(3,563)	1,297	3,471,346	(111,155)	(191)
Impact of - 10% change on exchange rate	89,034	4,355	(1,585)	(4,242,757)	135,856	233
	Mozambican	Moroccan	Lebanese	Tunisian	Angolan	South African
31 December 2023	metical	dirham	pound	dinar	kwanza	rand
Exchange rate at the end of the period	70.650	10.945	99,118.500	3.390	925.358	20.348
Appreciation / (Depreciation) over the previous period	3.62%	(1.92%)	120.73%	1.66%	69.90%	12.43%
Average exchange rate in the period	69.106	10.955	99,118.500	3.355	747.888	19.955
Appreciation / (Depreciation) over the previous period	2.83%	2.52%	120.73%	3.11%	53.66%	15.96%
		418,145	95,272,119	3,294,010	110,560,798	40,922
Amounts in foreign currency	24,591,876		17,825,753	49,030,610	3,192,891,358	-
Cash and cash equivalents Receivables	16,154,123	-
Other assets	-	-	-	81,719	5,040,000	-
Total financial assets	40,745,999	418,145	113,097,872	52,406,339	3,308,492,156	40,922

11119116141 1174 NASALIZIT 111 101 01811 111 1914 11 0119
Financial net position in Euro	801.305	39.191		(14.262)	1.222.704	2.099
Impact of + 10% change on exchange rate	(72,846)	(3,563)	1.297	3.471.346	(111.155)	(191)
Impact of - 10% change on exchange rate	89,034	4.355	(1,585)	(4,242,757)	135,856	233

Amounts in foreign currency
31 December 2023	Mozambican metical	Moroccan dirham	Lebanese pound	Tunisian dinar	Angolan kwanza	South African rand
Exchange rate at the end of the period	70.650	10.945	99,118.500	3.390	925.358	20.348
Appreciation / (Depreciation) over the previous period	3.62%	(1.92%)	120.73%	1.66%	69.90%	12.43%
Average exchange rate in the period	69.106	10.955	99,118.500	3.355	747.888	19.955
Appreciation / (Depreciation) over the previous period	2.83%	2.52%	120.73%	3.11%	53.66%	15.96%
Amounts in foreign currency
Cash and cash equivalents	24,591,876	418,145	95,272,119	3,294,010	110,560,798	40,922
Receivables	16,154,123	-	17,825,753	49,030,610	3,192,891,358	-
Other assets	-	-	-	81,719	5,040,000	-
Total financial assets	40,745,999	418,145	113,097,872	52,406,339	3,308,492,156	40,922
Loans	-	-	-	(133,212,541)	(1,731,892,009)	-
Payables	-	(134,963)	(445,209,119)	(55,194,287)	(558,517,931)	-
Total financial liabilities	-	(134,963)	(445,209,119)	(188,406,828)	(2,290,409,940)	-
Financial net position in foreign currency	40,745,999	283,182	(332,111,247)	(136,000,489)	1,018,082,216	40,922
Financial net position in Euro	576,730	25,874	(3,351)	(40,121,689)	1,100,203	2,011
Impact of + 10% change on exchange rate	(52,430)	(2,352)	305	3,647,426	(100,018)	(183)
Impact of - 10% change on exchange rate	64,081	2,875	(372)	(4,457,965)	122,245	223
8.1.2 INTEREST RATE RISK
INTEREST RATE RISK MANAGEMENT POLICY

8.1.2 INTEREST RATE RISK

INTEREST RATE RISK MANAGEMENT POLICY

A significant share of the Group's financial liabilities cost are indexed to short-term reference interest rates, which are reviewed more than once a year (generally every six months for medium and long-term debt). Hence, changes in interest rates can have an impact on the Group's income statement.

The Group periodically reviews its interest rate risk management strategy. In view of the current level of interest rates, the Group has been favouring the contracting of fixed rate debt.

Where deemed appropriate by the Board, the Group relies on the use of derivative financial instruments (Note 8.2), namely interest rate swaps to manage the interest rate risk, and these tools aim to fix the interest rate on loans it obtains, within certain parameters, considered appropriate by the Group's risk management policies.

EXPOSURE TO INTEREST RATE RISK

Financial assets and liabilities bearing interest at fixed rates (which do not expose the Group to interest rate risk) and those bearing interest at variable rates (which expose the Group to interest rate risk) are detailed as follows:

Amounts in Euro Up to 1 month 1-3 months 3-12 months 1-5 years + 5 years As at 30 June 2024 Assets Current Cash and cash equivalents 246,612,258 - - - - Total financial assets 246,612,258 - - - - Liabilities Non-current Interest-bearing liabilities 50,000,000 - 205,875,000 603,765,092 302,145,384 Other liabilities - - - 83,175,476 10,293,180 Curent Interest-bearing liabilities 1,833,354 33,904,813 255,062,779 16,136,064 - Other liabilities (7,316) 31,172 23,237,532 - - Total financial liabilities 51,826,038 33,935,985 484,175,311 703,076,632 312,438,564 Net financial position 194,786,220 (33,935,985) (484,175,311) (703,076,632) (312,438,564) Amounts in Euro Up to 1 month 1-3 months 3-12 months 1-5 years + 5 years As at 31 December 2023 Assets Current Cash and cash equivalents 279,241,238 - - - - Total financial assets 279,241,238 - - - - Liabilities Non-current Interest-bearing liabilities - 49,999,998 204,336,792 787,723,918 59,690,940 Other liabilities - - - 59,624,498 10,665,340 Curent Interest-bearing liabilities 30,562,053 51,996,013 106,288,938 - - Other liabilities - 3,444,138 10,250,186 - - Total financial liabilities 30,562,053 105,440,149 320,875,916 847,348,416 70,356,280 Net financial position 248,679,185 (105,440,149) (320,875,916) (847,348,416) (70,356,280) 8.1.3 LIQUIDITY RISK LIQUIDITY RISK MANAGEMENT POLICY The Group manages liquidity risk in two ways: i) ensuring that its financial debt has a high medium- and long-term component with maturities appropriate to the characteristics of the industries where it operates, and ii) by contracting with financial institutions credit facilities available at all times for an amount that guarantees adequate liquidity. Amounts in Euro 30/06/2024 Undrawn credit facilities Holdings 320,350,000 Pulp and Paper 504,950,714 Cement 235,801,907 Other businesses 12,518,596 1,073,621,217
				Total
				246,612,258
				246,612,258
				1,161,785,476
				93,468,656
				306,937,010
				23,261,388 1,585,452,530
				(1,338,840,272)
				Total
				279,241,238 279,241,238
				1,101,751,648
				70,289,838
				188,847,004
				13,694,324
				1,374,582,814
				(1,095,341,576)
				31/12/2023
				311,250,000 287,700,714
				256,511,022
				17,875,000 873,336,736

8.1.3 LIQUIDITY RISK

LIQUIDITY RISK MANAGEMENT POLICY

• i) ensuring that its financial debt has a high medium- and long-term component with maturities appropriate to the characteristics of the industries where it operates, and
• ii) by contracting with financial institutions credit facilities available at all times for an amount that guarantees adequate liquidity.

Curent
8.1.3 LIQUIDITY RISK
LIQUIDITY RISK MANAGEMENT POLICY
ensuring that its financial debt has a high medium- and long-term component with maturities appropriate to the characteristics of the industries where it operates, and
by contracting with financial institutions credit facilities available at all times for an amount that guarantees adequate liquidity.
Amounts in Euro Undrawn credit facilities			30/06/2024	31/12/2023
Holdings			320,350,000	311,250,000
Pulp and Paper			504,950,714	287,700,714
The Group manages liquidity risk in two ways: i) ii) Cement			235,801,907	256,511,022
Other businesses			12,518,596	17,875,000

CONTRACTUAL MATURITY OF FINANCIAL LIABILITIES (UNDISCOUNTED CASH FLOWS, INCLUDING INTEREST)

CONTRACTUAL MATURITY OF FINANCIAL LIABILITIES (UNDISCOUNTED CASH FLOWS, INCLUDING INTEREST)
Amounts in Euro	-1 month	1-3 months	3-12 months	1-5 years	+ 5 years	Total
As at 30 June 2024 Liabilities
Bond loans	51,045,653	13,372,450	102,979,648	671,926,348	156,163,853	995,487,952
Commercial paper	1,239,679	972,833	40,426,955	116,934,297	-	159,573,764
Bank loans	11,101,681	9,261,127	73,890,763	165,182,896	73,775,292	333,211,759
Other loans	4,956,586	364,020	7,583,460	20,986,854	-	33,890,920
Lease liabilities	73,723	102,087	8,788,008	13,920,842	10,665,340	33,550,000
Derivative financial instruments	1,312,681	2,216,512	10,290,193	14,900,983	(105,654)	28,614,715
Other financial liabilities	1,507,975	4,593,126	442,374	50,000,000	-	56,543,475
Total liabilities	71,237,978	30,882,155	244,401,401	1,053,852,220	240,498,831	1,640,872,585
As at 31 December 2023
Liabilities
Bond loans	2,054,269	11,239,750	58,975,958	707,300,284	137,745,001	917,315,262
Commercial paper Bank loans	1,239,679 26,074,415	1,221,333 10,459,335	40,701,805 53,652,013	153,939,888 173,782,212	- 50,383,551	197,102,705 314,351,526
Other loans	4,956,586	-	7,219,439	23,227,870	-	35,403,895
Lease liabilities	87,856	123,661	8,882,578	14,788,705	10,665,340	34,548,140
Derivative financial instruments	-	-	(8,574,707)	(9,229,637)	-	(17,804,344)
Other financial liabilities	2,401,661	4,933,184	-	50,000,000	-	57,334,845
Total liabilities	36,814,466	27,977,263	160,857,086	1,113,809,322	198,793,892	1,538,252,029
AVAILABLE AND UNDRAWN CREDIT FACILITIES
Amounts in Euro					30/06/2024	31/12/2023
Undrawn credit facilities
Holdings					320,350,000	311,250,000
Pulp and Paper					504,950,714	287,700,714
					235,801,907	256,511,022
Cement					12,518,596	17,875,000
Other businesses					1,073,621,217

AVAILABLE AND UNDRAWN CREDIT FACILITIES

Undrawn credit facilities
	1,073,621,217	873,336,736

8.1.4 CREDIT RISK

ACCOUNTING POLICIES

IMPAIRMENT OF FINANCIAL ASSETS

The Group assesses, on a prospective basis, the expected credit losses associated with its financial assets measured at amortised cost and at fair value through other comprehensive income, in accordance with IFRS 9, as detailed in 8.3 – Categories of financial instruments of the Group.

On this basis, the Group recognises expected credit losses throughout the lifetime of financial instruments that have been subject to significant increases in credit risk since its initial recognition, assessed either individually or collectively, considering all reasonable and sustainable information, including available prospective information.

If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since its initial recognition, the Group measures the impairment of that financial instrument by an amount equivalent to the expected credit losses.

IFRS 9 provides that for the calculation of these impairments, one of two models is used: the 3-step method or the use of a matrix, the distinguishing component being the existence or not of a significant financing component. In the case of the Group's financial assets, as it is not a financial institution and there are no assets with a significant financing component, it was decided to use a matrix.

The model adopted for the impairment assessment in accordance with IFRS 9 is as follows:

• 1. Calculate the total credit sales made by the Group over the last 12 months, as well as the total amount of bad debts relating to them;
• 1. Determine the customers' payment profile and other short-term creditors, by setting buckets of receipt frequency;
• 1. Based on 1 above, estimate the probability of default (i.e., the amount of bad debts calculated at 1 compared to the balance of outstanding sales in each bucket calculated at 2);
• 1. Adjust the percentages of future forecasts obtained in 3.;
• 1. Apply the default percentages as calculated in 4 to trade receivables and other current payables still outstanding at the reporting date.

Although IFRS 9 assumes 90 days as default, the Navigator Group considered a period of 180 days, since the experience of real losses before this period is low. This period is aligned with the current risk management policies of the company, namely in what regards the credit insurance hired, and to the fact that there is no sales with significant components of funding in light of IFRS 15. Additionally, Navigator evaluated the impact of considering 180 days of default instead of the 90 days and the Expected Credit Loss would not change significantly. In the event of an accident in the credit insurance company, the model considers the limit paid, by Navigator, of 5% (10% for national customers).

In addition, the Group recognises impairment on a case-by-case basis, based on specific balances and specific past events, considering the historical information of the counterparties, their risk profile and other observable data in order to assess whether there are objective indicators of impairment for these financial assets. The Group uses the write-off procedure only when the credit is considered to be definitely uncollectible by a court decision.

CREDIT RISK MANAGEMENT POLICY

The Group is exposed to credit risk in the credit it grants to its customers and other debtors. Accordingly, it has adopted a policy of managing such risks within present limits, by serving insurance policies with specialised independent companies. The deterioration in global economic conditions or adverse situations, which only affect economies at the local level, could give rise to situations in which customers are unable to meet their commitments.

The Group has adopted a credit insurance policy for most trade receivables. As such, its exposure to credit risk is considered to have been mitigated up to acceptable levels, when compared with its sales.

However, the worsening of global economic conditions or adversities affecting only economies on a local scale may lead to deterioration in the ability of the Navigator Group's customers to meet their obligations, leading entities providing credit insurance to significantly decrease the amount of credit facilities that are available to those customers. This scenario may result in limitations on the amounts that can be sold to some customers without directly incurring credit risk levels that are not compatible with the risk policy in this area.

CASH EQUIVALENTS

The Group adopts strict policies in approving its financial counterparties, limiting its exposure in accordance with an individual risk analysis and within previously approved limits.

due dates for the balances outstanding before impairment: Total Amounts in Euro Holdings 30/06/2024 Pulp and Paper Cement Other businesses Amounts not due 302,386,276 61,183,789 5,525,151 - 369,095,216 1 to 90 days 12,432,370 27,238,255 4,614,922 - 44,285,547 91 to 180 days 1,037,413 1,600,330 3,808,110 9,168 6,455,021 181 to 360 days - 1,235,708 2,722,328 - 3,958,036 361 to 540 days - 339,927 905,937 - 1,245,864 541 to 720 days - 163,321 872,786 - 1,036,107 more than 721 days - 927,098 1,731,443 - 2,658,541 315,856,059 92,688,428 20,180,677 9,168 428,734,332 Litigation - doubtful debts 3,290,665 12,291,712 - - 15,582,377 Impairment (3,290,665) (14,005,953) (566,913) - (17,863,531)	Trade receivables balance 315,856,059 90,974,187 19,613,764 9,168 426,453,178
31/12/2023 296,328,510 46,894,047 6,532,105 7,316,801 2,761,789 641,203 4,047,914 364,522,369 15,602,077 (18,041,430)	362,083,016	As at 30 June 2024 and 31 December 2023, Trade receivables showed the following ageing structure, considering the
The table below represents the quality of the Group's credit risk, as at 30 June 2024 and 31 December 2023, for financial
assets (Cash and cash equivalents and Derivative financial instruments), whose counterparts are financial institutions:
Amounts in Euro 30/06/2024 31/12/2023
A+ 35,356,919 77,860,614
A 8,299,650 62,338,437
A- 102,337,821 50,996,805
BBB+ 44,350,864 12,062,501
BBB 1,187,270 27,492,241
BBB- 19,337,881 15,989,304

As at 30 June 2024 and 31 December 2023, Trade receivables showed the following ageing structure, considering the due dates for the balances outstanding before impairment: Total Pulp and Paper Cement Other businesses The table below represents the quality of the Group's credit risk, as at 30 June 2024 and 31 December 2023, for financial assets (Cash and cash equivalents and Derivative financial instruments), whose counterparts are financial institutions: 30/06/2024 31/12/2023 35,356,919 77,860,614 8,299,650 62,338,437 102,337,821 50,996,805 44,350,864 12,062,501 1,187,270 27,492,241 19,337,881 15,989,304 3,771,907 5,334,450 16,201,304 8,922,827 - 621,961 99,353 20,373 15,668,692 17,601,147 246,611,661 279,240,660 The caption Other comprise short-term investments in Angola and Mozambique financial institutions, on which it was not possible to obtain the ratings with reference to the presented dates. MOVEMENTS IN ACCUMULATED IMPAIRMENT LOSSES ON TRADE AND OTHER RECEIVABLES Trade receivables - current account Other receivables 30/06/2024 31/12/2023 30/06/2024 31/12/2023 19,143,293 21,369,923 7,773,484 7,459,669 1,607,776 404,852 340,051 2,388,321 (4,705,750) (4,513,427) (61,121) (3,097,974) (4,108,575) 278,930 372,499 40,111 - - - (40,816) (168,402) 596 - 2,759,380 2,050,347 - 161,399 - - Accumulated impairment at end of the period 18,965,393 19,143,293 8,053,010 7,773,484
	Amounts in Euro A+
	A
	A-
	BBB+
	BBB
	BBB-
	BB+
	BB
	B+
	B-
	Other
	IMPAIRMENT OF TRADE AND OTHER RECEIVABLES
	Amounts in Euro
	Accumulated impairment at the beginning of the period
	Changes due to:
	Increase
	Reversals			(2,015,822)
	Changes recognised in net profit for the period
	Change in the perimeter
	Exchange rate adjustment
	Charge-off			(56,528)
	Adjustments and transfers			(2,156)

IMPAIRMENT OF TRADE AND OTHER RECEIVABLES

MOVEMENTS IN ACCUMULATED IMPAIRMENT LOSSES ON TRADE AND OTHER RECEIVABLES

			246,611,661	279,240,660
				The caption Other comprise short-term investments in Angola and Mozambique financial institutions, on which it was
	Trade receivables - current account		Other receivables
Accumulated impairment at the beginning of the period	19,143,293	21,369,923	7,773,484	7,459,669
Changes due to:
not possible to obtain the ratings with reference to the presented dates. IMPAIRMENT OF TRADE AND OTHER RECEIVABLES MOVEMENTS IN ACCUMULATED IMPAIRMENT LOSSES ON TRADE AND OTHER RECEIVABLES Increase Reversals	1,607,776 (4,705,750)	404,852 (4,513,427)	340,051 (61,121)	2,388,321 (2,015,822)
Changes recognised in net profit for the period	(3,097,974)	(4,108,575)	278,930	372,499
Change in the perimeter	40,111	-	-	-
Exchange rate adjustment	(40,816)	(168,402)	596	-
Charge-off	2,759,380	2,050,347	-	(56,528)
Adjustments and transfers Accumulated impairment at end of the period	161,399 18,965,393	- 19,143,293	- 8,053,010	(2,156) 7,773,484

8.2. DERIVATIVE FINANCIAL INSTRUMENTS

ACCOUNTING POLICIES

The fair value of Derivative financial instruments is included under Payables (Note 4.3), when negative, and under Receivables (Note 4.2), when positive.

In accordance with IFRS 9 – Financial Instruments, the Group has opted to continue applying the hedge accounting requirements of IAS 39 – Financial Instruments, until there is greater visibility on the Dynamic Risk Management (macro hedging) project currently in progress.

Whenever expectations of changes in interest or exchange rates so justify, the Group hedges these risks through derivative financial instruments, such as interest rate swaps (IRS), interest rate and foreign exchange collars, forwards, etc.

DERIVATIVE FINANCIAL INSTRUMENTS | TRADING

Although the derivatives contracted by the Group represent effective economic hedges of risks, not all of them qualify as hedging instruments in accounting terms to satisfy the applicable rules and requirements. Instruments that do not qualify as hedging instruments are recorded in the Consolidated Financial Position at their fair value and changes in fair value are recognised in Net financial results (Note 5.10), when related to financing operations, or in External services and supplies (Note 2.3) or Revenue (Note 2.1), when related to foreign exchange risk on the purchase of raw materials or cash flows from sales in currencies other than the reporting currency.

DERIVATIVE FINANCIAL INSTRUMENTS | HEDGING

Derivative financial instruments used for hedging purposes may be recognised as hedging instruments provided that they comply, cumulatively, with the conditions set out in IAS 39.

CASH-FLOW HEDGE (INTEREST RATE AND EXCHANGE RATE RISKS)

In order to manage its exposure to interest rate risk and exchange rate risk, the Group enters into cash flow hedges.

Those transactions are recorded in the Interim consolidated statement of financial position at their fair value, if considered effective hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.

Accumulated amounts in equity are reclassified to profit or loss in the periods when the hedged item affects the Income statement (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement under Net financial results (Note 5.10). However, when the forecast transaction that is hedged results in the recognition of a nonfinancial asset (for example, inventory or property, plant and equipment), the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset.

When a hedging instrument expires or is sold, or when it no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity is recycled to the Income Statement, unless the hedged item is a forecast transaction, in which case any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income statement.

NET INVESTMENT HEDGING (EXCHANGE RATE RISK)

In order to manage the exposure of its investments in foreign subsidiaries to fluctuations in the exchange rate (net investment), the Group enters into exchange rate forwards, which are recorded at fair value in the consolidated statement of financial position.

Those exchange rate forwards arranged for investments in foreign operations, are recorded in a similar way to the cash flow hedges. Gains and losses on the hedging instrument related to its effective hedging component are recognised in the comprehensive income for the period. Gains and losses related to the ineffective hedging component are recognised in the Income statement. The accumulated gains and losses on equity are included in the Income statement if and when the foreign subsidiaries are disposed.

FAIR VALUE OF DERIVATIVE FINANCIAL INSTRUMENTS

MOVEMENTS IN DERIVATIVE FINANCIAL INSTRUMENTS

ACCOUNTING ESTIMATES AND JUDGEMENTS 30/06/2024 31/12/2023 Trading Hedging derivatives Trading Hedging derivatives derivatives Net total derivatives Net total (11,279,316) 21,670,675 10,391,359 (10,182,937) 53,197,110 43,014,173 8,249,474 (5,693,918) 2,555,556 (3,154,636) 10,849,615 7,694,979 7,035,678 5,716,133 12,751,811 2,346,219 (5,383,278) (3,037,059) - 17,880,950 17,880,950 - (36,992,772) (36,992,772) 746,720 - 746,720 (287,962) - (287,962) 4,752,556 39,573,840 44,326,396 (11,279,316) 21,670,675 10,391,359 As at 30 June 2024 Positive Negative Notional Currency Maturity Net amount Amounts in Euro (Note 4.2) (Note 4.3) Hedging
Whenever possible, the fair value of derivatives is estimated on the basis of quoted instruments. In the absence of market prices, the fair value of derivatives is estimated through the discounted cash-flow method and option valuation Balance at the beginning of the period New contracts / settlements Change in fair value through profit or loss (Note 5.11) Change in fair value through other comprehensive income (Note 5.5) Exchange rate adjustment Balance at the end of the period	Amounts in Euro DETAIL AND MATURITY OF DERIVATIVE FINANCIAL INSTRUMENTS BY NATURE	FAIR VALUE OF DERIVATIVE FINANCIAL INSTRUMENTS models, in accordance with prevailing market assumptions. MOVEMENTS IN DERIVATIVE FINANCIAL INSTRUMENTS

DETAIL AND MATURITY OF DERIVATIVE FINANCIAL INSTRUMENTS BY NATURE

Whenever possible, the fair value of derivatives is estimated on the basis of quoted instruments. In the absence of
market prices, the fair value of derivatives is estimated through the discounted cash-flow method and option valuation models, in accordance with prevailing market assumptions.
MOVEMENTS IN DERIVATIVE FINANCIAL INSTRUMENTS
Amounts in Euro		Trading derivatives	Hedging derivatives	Net total	Trading derivatives
DETAIL AND MATURITY OF DERIVATIVE FINANCIAL INSTRUMENTS BY NATURE
As at 30 June 2024					Positive	Negative
Amounts in Euro	Notional	Currency		Maturity	(Note 4.2)	(Note 4.3)	Net amount
Hedging
Foreign exchange forwards (future sales)	193,000,000	USD		2024	-	(2,625,676)	(2,625,676)
Foreign exchange forwards (future sales)	61,800,000	GBP		2024	-	(832,135)	(832,135)
Interest rate swaps	495,000,000	EUR		2031	20,743,150	(217,908)	20,525,242
Energy	63,954,556	EUR		2025	24,470,959	-	24,470,959
BHKP pulp	19,146,000	USD		2024	-	(1,964,550)	(1,964,550)
					45,214,109	(5,640,269)	39,573,840
Trading
Foreign exchange forwards (future sales)	49,800,000	USD		2024	-	(389,243)	(389,243)
Foreign exchange forwards (future sales)	30,725,000	GBP		2024	46,435	-	46,435
Cross currency interest rate swap	37,806,121	EUR		2025	2,995,257	-	2,995,257
Cross currency interest rate swap	87,316,816	USD		2025	2,398,925	(298,818)	2,100,107
					5,440,617	(688,061)	4,752,556
					50,654,726	(6,328,330)	44,326,396
As at 31 December 2023					Positive	Negative
Amounts in Euro	Notional	Currency		Maturity	(Note 4.2)	(Note 4.3)	Net amount
Hedging
Foreign exchange forwards (future sales)	287,500,000	USD		2024	1,348,010	(608,037)	739,973
Interest rate swaps	405,000,000	EUR		2028	20,899,047	-	20,899,047
BHKP pulp	7,092,000	USD		2024	31,655	-	31,655
					22,278,712	(608,037)	21,670,675
Trading
Foreign exchange forwards (future sales)	46,000,000	USD		2024	1,014,913	(4,987,262)	(3,972,349)
Foreign exchange forwards (future sales)	6,099,807	GBP		2024	-	(96,519)	(96,519)
Foreign exchange forwards	1,650,000	USD		2024	20,542	(35,301)	(14,759)
Cross currency interest rate swap	29,256,687	EUR		2024	-	(1,513,277)	(1,513,277)

Trading
As at 31 December 2023 Amounts in Euro	Notional	Currency	Maturity	Positive (Note 4.2)	Negative (Note 4.3)	Net amount
Hedging
Foreign exchange forwards (future sales)	287,500,000	USD	2024	1,348,010	(608,037)	739,973
Interest rate swaps	405,000,000	EUR	2028	20,899,047	-	20,899,047
BHKP pulp	7,092,000	USD	2024	31,655	-	31,655
				22,278,712	(608,037)	21,670,675
Trading
Foreign exchange forwards (future sales)	46,000,000	USD	2024	1,014,913	(4,987,262)	(3,972,349)
	6,099,807	GBP	2024	-	(96,519)	(96,519)
					(35,301)	(14,759)
Foreign exchange forwards (future sales)
Foreign exchange forwards	1,650,000	USD	2024	20,542
Cross currency interest rate swap	29,256,687	EUR	2024	-	(1,513,277)	(1,513,277)
Cross currency interest rate swap	52,145,527	USD	2025	- 1,035,455	(5,682,412) (12,314,771)	(5,682,412) (11,279,316)

8.3. OTHER FINANCIAL INVESTMENTS

ACCOUNTING POLICIES

8.3. OTHER FINANCIAL INVESTMENTS ACCOUNTING POLICIES
This Note includes equity instruments held by the Group relating to companies over which it has no control or significant influence. Financial investments are measured at fair value through profit or loss when the Group holds them for trading purposes. The Group records the remaining financial investments as financial assets at fair value through other comprehensive income. These investments essentially correspond to investments made by the subsidiary Semapa Next, S.A., a venture capital business unit of the Semapa Group which has been making diversified investments, and are detailed as follows:
Amounts in Euro	30/06/2024	31/12/2023
Financial assets at fair value through other comprehensive income
Circuit Routing Limited	2,976,687	-
Constellr GmbH	5,000,000	-
		-
Gropyus	6,000,145
Kenko, Unipessoal, Lda.	9,275,502	5,185,000
Oceano Fresco, S.A.	2,971,000	2,971,000
Overstory, B.V.	5,619,381	5,306,000
Probe.ly	2,950,000	2,950,000
Realfevr, Lda.	3,999,998	3,999,998
Techstar Corporate Partner 2017 LLC	2,839,833	-
Other	5,480,261	8,769,348
	47,112,807	29,181,346
Financial assets at fair value through profit or loss
Alter Venture Partners Fund I SCA, SICAV-RAIF	11,958,082	10,057,123
FCR Armilar Venture Partners TechTransfer Fund	4,439,919	4,102,370
Other	5,554,756	5,260,485
	21,952,757 69,065,564	19,419,978 48,601,324

8.4. FINANCIAL ASSETS AND LIABILITIES

8.4.1. CATEGORIES OF FINANCIAL INSTRUMENTS OF THE GROUP

							47,112,807	29,181,346
Financial assets at fair value through profit or loss
							21,952,757	19,419,978
							69,065,564	48,601,324
8.4. 8.4.1.		FINANCIAL ASSETS AND LIABILITIES	CATEGORIES OF FINANCIAL INSTRUMENTS OF THE GROUP
The financial instruments included in each caption of the statement of financial position are classified as follows:			Financial assets at fair	Financial assets at fair		Derivative financial
			value through profit or loss	value through other	Hedging derivative financial	instruments at fair value
Amounts in Euro 30 June 2024	Note	Financial assets at amortised cost	(excluding derivatives)	comprehensive income	instruments	through profit or loss	Non-financial assets	Total
Other financial investments	8.3	-	21,952,757	47,112,807	-	-	-	69,065,564
Receivables	4.2	676,482,175	-	-	45,214,109	5,440,617	30,933,234	758,070,135
Cash and cash equivalents	5.9	247,709,255	-	-	-	-	-	247,709,255
Total assets		924,191,430	21,952,757	47,112,807	45,214,109	5,440,617	30,933,234	1,074,844,954
31 December 2023
Other financial investments	8.3	-	19,419,978	29,181,346	-	-	-	48,601,324
Receivables	4.2	602,072,325	-	-	22,278,712	1,035,455	17,386,225	642,772,717
Cash and cash equivalents Total assets	5.9	281,156,727 883,229,052	- 19,419,978	- 29,181,346	- 22,278,712	- 1,035,455	- 17,386,225	281,156,727 972,530,768

			Hedging derivative	Financial assets at fair value through other		Financial liabilities outside
Amounts in Euro	Note	Financial assets at amortised cost	financial instruments	comprehensive income	Non-financial liabilities	the scope of IFRS 9	Total
30 June 2024
Interest-bearing liabilities	5.7
		1,374,925,957	-	-	-	-	1,374,925,957
Lease liabilities	5.8	-	-	-	-	156,751,992	156,751,992
Payables	4.3	810,185,500	5,640,269	688,061	396,992,205	-	1,213,506,035
Total liabilities		2,185,111,457	5,640,269	688,061	396,992,205	156,751,992	2,745,183,984
31 December 2023
Interest-bearing liabilities	8.3	1,293,152,168	-	-	-	-	1,293,152,168
Lease liabilities	4.2	-	-	-	-	103,976,966	103,976,966
Payables Total liabilities	4.3	707,560,114 2,000,712,282	608,037 608,037	12,314,771 12,314,771	386,238,484 386,238,484	- 103,976,966	1,106,721,406 2,503,850,540
8.4.2			FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
ACCOUNTING POLICIES

8.4.2 FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The fair value of financial instruments is classified according to the fair value hierarchy of IFRS 13 - Fair Value Measurement:

Level 1	Fair value is based on active markets quotations, at the reporting date
Level 2	Fair value is determined using valuation models, whose main inputs of the models used are observable in the market
Level 3	Fair value is determined using valuation models, whose main inputs are not observable in the market.

ACCOUNTING ESTIMATES AND JUDGEMENTS

FAIR VALUE OF FIXED-INTEREST INTEREST-BEARING LIABILITIES

The fair value of these liabilities is calculated using the discounted cash flow method at the reporting date, using a discount rate in accordance with the characteristics of each loan, belonging to level 2 of the fair value hierarchy of IFRS 13.

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT AMORTISED COST

The Group considers that the book value of loans at variable rates, as well as financial assets and liabilities measured at amortised cost in the remaining captions (Note 8.4.1), is close to their fair value.

9 PROVISIONS, COMMITMENTS AND CONTINGENCIES

9.1. PROVISIONS

	ACCOUNTING POLICIES
Recognition and initial measurement	Provisions are recognised when the Group has a legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
Capitalisation of expenditures	The Group incurs expenditure and assumes liabilities of an environmental nature. Accordingly, expenditures on equipment and operating techniques that ensure compliance with applicable legislation and regulations (as well as on landscape recovery and reduction of environmental impacts to levels that do not exceed those representing a viable application of the best available technologies, on those related to minimising energy consumption, atmospheric emissions, the production of waste and noise) are capitalised when intended to serve the Group's business activity in a sustainable way, and relate to future economic benefits allowing to extend its useful life, increase capacity or improve the safety or efficiency of other assets held by the Group.
Subsequent measurement	Provisions are reviewed on statement of financial position date and are adjusted so as to reflect the best estimate at that date.
	Landscape recovery provisions are re-measured according to the effect of the time value of money, against the caption Financial discount of provisions in Note 5.10 – Net financial results and consumed by the expenses made by the Group with the recovery, at the date they occur.

LANDSCAPE RECOVERY AND OTHER ENVIRONMENTAL EXPENDITURES

Some of the Group's companies are responsible for the environmental and landscape recovery of the quarries affected by the exploration, in accordance with applicable legislation.

Rehabilitation works mainly includes cleaning and regularisation of areas for recovery, modelling and preparation of the land, transport and spreading of rejected materials for landfill, fertilisation, execution of the general plan for coating with hydro-sowing and plantation, and maintenance and conservation of the areas recovered after implantation.

ACCOUNTING ESTIMATES AND JUDGEMENTS

LEGAL PROCEEDINGS

These provisions were made in accordance with the risk assessments carried out internally by the Group with the support of its legal advisers, based on the probability of the decision being favourable or unfavourable to the Group.

The balances of additional liabilities for the Group's uncertainty over income tax are disclosed in Note 6.1 – Income tax.

ENVIRONMENTAL RECOVERY

The extent of the work required and the costs to be incurred were determined based on the quarrying plans and studies prepared by independent entities, and the total liability was measured by the expected value of the future cash flows, discounted to present value.

MOVEMENTS IN PROVISIONS

Value judgements and estimates are involved in the formation of expectations about future activities and the amount
and period of time of the associated cash flows. These perspectives are based on the existing environment and current
regulations.
Quarries whose reconstitution is only possible at the closure of operations, the Group has requested independent and
specialised entities to quantify those obligations, having for this purpose recognised a provision under the caption
Provisions.
MOVEMENTS IN PROVISIONS
	Legal	Environmental
Amounts in Euro	proceedings	recovery	Other	Total
1 January 2023	5,106,980	10,380,954	37,837,846	53,325,780
Increases	1,157,987	719,293	12,043,784	13,921,064
Reversals	(39,259)	(1,592,712)	(4,642,766)	(6,274,737)
Impact in profit or loss for the period	1,118,728	(873,419)	7,401,018	7,646,327
Change in the perimeter	-	-	105,854	105,854
Hyperinflationary economies (Lebanon)	-	-	3,098,315	3,098,315
Charge-off	(327,417)	(341,908)	(991,117)	(1,660,442)
Exchange rate adjustment	49,274	(292,589)	(2,042,143)	(2,285,458)
Financial discounts	-	288,498	-	288,498
Transfers and adjustments	4,298,729	249,215	(3,994,131)	553,813
31 December 2023	10,246,294	9,410,751	41,415,642	61,072,687
Increases	276,261	716	3,336,521	3,613,498
Reversals	(984,465)	(1,373)	(99,444)	(1,085,282)
Impact in profit or loss for the period	(708,204)	(657)	3,237,077	2,528,216
	(604,999)	(432,566)	(191,119)	(1,228,684)
			(13,268)	(154,497)
Charge-off
Exchange rate adjustment	(159,495)	18,266
Financial discounts Transfers and adjustments	- (44,771)	154,260 -	- 11,343	154,260 (33,428)

9.2. COMMITMENTS

GUARANTEES PROVIDED TO THIRD PARTIES

9.2. COMMITMENTS
GUARANTEES PROVIDED TO THIRD PARTIES
Amounts in Euro	30/06/2024	31/12/2023
GUARANTEES PROVIDED
Pulp and Paper Segment
Navigator guarantees for EIB loans Ocean Network Express	16,875,000 2,751,947	22,083,333 2,751,947
Portuguese Tax Authorities (AT)	9,288,070	-
Comissão Coordenação Desenvolvimento Regional	354,083	354,083
IAPMEI	447,604	1,280,701
Agência Portuguesa Ambiente	3,337,887	2,846,271
Simria	338,829	338,829
Other	974,390	838,256
Cement Segment
Agencia de Desenvolvimento e Coesão	4,896,587	4,896,587
APSS - Administração dos Portos de Setúbal e Sesimbra Conselho de Emprego, Indústria e Turismo	2,942,288 279,648	2,942,288 279,648
Comissão de Coordenação e Desenv. Regional LVT	1,247,478	1,247,478
Comissão de Coordenação e Desenv. Regional Centro	751,042	751,042
ICNF - Instituto da Conservação da Natureza e das Florestas, I.P.	668,688	668,688
Comissão de Coordenação e Desenv. Regional Algarve	678,620	678,620
APDL - Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A	349,840	349,840
CCRLVT	-	-
Comissão de Coordenação e Desenv. Regional Norte	236,403	236,403
Tribunal do Trabalho	217,324	217,324
IAPMEI (âmbito do PEDIP) Secretaria Regional do Ambiente e Recursos Naturais	209,305 199,055	209,305 199,055
IAPMEI	102,590	102,590
Consej. Econ. Emp. Ind Tur. Dir Gen Minada y Energia	165,900	165,900
Other	1,162,739	1,170,911
Other Businesses Segment
EDP	9,810	9,810
DGAV	300,000	900,000
IAPMEI	496,966	496,966
Other	49,000 49,331,093	- 46,015,875
Other commitments
Mortgages on Land, Real Estate and Equipment	1,087,018	1,061,137
	50,418,111	47,077,012

In the first half of 2024, a new bank guarantee was set up for the Portuguese Tax Authorities, in the amount of Euro 9,288,070, as a result of the notification received by The Navigator Company, at the end of 2023, relating to the additional assessment of corporate income tax for 2019 resulting from adjustments made during a tax inspection. The Group decided to challenge this additional assessment and refrain from payment and from setting up this bank guarantee.

PURCHASE COMMITMENTS

PURCHASE COMMITMENTS
Amounts in Euro
Purchase commitments
Pulp and Paper segment Property, plant and equipment - Manufacturing equipment
Cement segment Property, plant and equipment - Manufacturing equipment
Pulp and Paper segment Wood
Pulp and Paper segment Energy
Cement segment Raw materials - Petcoke and coal
Other

Purchase commitments of an operational nature, which are not reflected in the statement of financial position, include liabilities associated with long-term contracts for the supply of raw materials, products and services within the scope of The Navigator Company's activity. The value of the commitments has been estimated on the basis of the information available at the time, based on the contractual terms and the best information available at the time on the volumes and prices applicable for the remaining period of the contracts.

OTHER COMMITMENTS

The Navigator Group has made a commitment to achieve carbon neutrality by 2035, with an estimated global investment of Euro 340 million, of which Euro 172.1 million have already been invested until 30 June 2024 (31 December 2023: Euro 137.6 million).

10 GROUP STRUCTURE

10.1. COMPANIES INCLUDED IN THE CONSOLIDATION PERIMETER

ACCOUNTING POLICIES

GROUP-CONTROLLED ENTITIES

Semapa controls an entity (subsidiary) when it is exposed to, or has rights to, the variable returns generated as a result of its involvement with the entity and has the ability to affect those variable returns through the power it exercises over its relevant activities.

The equity and net profit of these companies, corresponding to the third-party investment in such companies, are presented under the caption Non-controlling interests items (Note 5.6)

BUSINESS COMBINATIONS

The purchase method is used in recording the acquisition of subsidiaries. The cost of an acquisition is measured at the fair value of the assets transferred, the equity instruments issued and liabilities incurred or assumed on the acquisition date.

The identifiable assets acquired and the liabilities and contingent liabilities assumed in a business combination are measured at fair value on the acquisition date, regardless of the existence of non-controlling interests. The excess of the acquisition cost over the fair value of the Group's share of the identifiable assets and liabilities acquired is recorded as goodwill (Note 3.1).

The acquisition cost is subsequently adjusted when the acquisition/attribution price is contingent upon the occurrence of specific events agreed with the seller/shareholder (e.g., fair value of acquired assets).

Any contingent payments to be transferred by the Group are recognised at fair value at the acquisition date. If the undertaken obligation constitutes a financial liability, subsequent changes in fair value are recognised in profit or loss. If the undertaken obligation constitutes an equity instrument, there is no change in the initial estimation.

If the acquisition cost is lower than the fair value of the net assets of the acquired subsidiary (negative Goodwill or badwill), the difference is recognised directly in the income statement under Other operating income (Note 2.2). Transaction costs directly attributable are immediately recorded in profit or loss.

When, at the date of acquisition of the control, the Group already holds a previously acquired interest, the fair value of such participation contributes to the determination of goodwill or badwill.

INITIAL MEASUREMENT OF NON-CONTROLLING INTERESTS

When the control acquired is lower than 100%, in the application of the purchase method, non-controlling interests can be measured at fair value or at the ratio of the fair value of the assets and liabilities acquired, being that option defined according to each transaction.

CONSOLIDATION

Subsidiaries are consolidated using the full consolidation method with effect from the date that control is transferred to the Group. In the acquisition of additional share capital of controlled entities, the excess between the proportion of acquired net assets and respective acquisition cost is directly recognised in Equity (Note 5.5). Subsidiaries' accounting policies have been changed whenever necessary to ensure consistency with the policies adopted by the Group.

Intercompany transactions, balances, unrealised gains on transactions and dividends distributed between group companies are eliminated. Unrealised losses are also eliminated, except where the transaction displays evidence of impairment of a transferred asset.

SUBSEQUENT TRANSACTIONS OF SUBSIDIARIES

DISPOSALS WITH LOSS OF CONTROL

In the case of disposals of interests, resulting in a loss of control over a subsidiary, any remaining interest is revalued to the market value at the date of sale, and the gain or loss resulting from such revaluation, is recorded against income, as well as the gain or loss resulting from such disposal.

TRANSACTIONS WITHOUT LOSS OF CONTROL

Subsequent transactions in the disposal or acquisition of non-controlling interests, which do not imply a change in control, do not result in the recognition of gains, losses or Goodwill. Any difference between the transaction value and the book value is recognised in Equity. The losses generated in each period by subsidiaries with non-controlling interests are allocated in the percentage held by them, regardless of whether they have a negative balance.

10.1.1 SEMAPA GROUP SUBSIDIARIES

HOLDING COMPANIES INCLUDED IN THE CONSOLIDATION

10.1.1 SEMAPA GROUP SUBSIDIARIES
HOLDING COMPANIES INCLUDED IN THE CONSOLIDATION
			Direct and indirect % held by Semapa
Company Name	Head Office	Direct	Indirect	30/06/2024	31/12/2023
Parent Company:
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.	Portugal
Subsidiaries
Semapa Inversiones S.L.	Spain	100.00	-	100.00	100.00
Semapa Next, S.A.	Portugal	100.00	-	100.00	100.00
Aphelion, S.A.	Portugal	100.00	-	100.00	100.00
Quotidian Podium, S.A.	Portugal	100.00	-	100.00	100.00
PULP AND PAPER COMPANIES INCLUDED IN THE CONSOLIDATION
			Direct and indirect %		Direct and indirect %
			held by Navigator		held by Semapa
Company name		Head Office	Direct Indirect	Total	30/06/2024 31/12/2023
Parent Company The Navigator Company, S.A.		Portugal	70.03 -	70.03	70.03 69.97
Subsidiaries:
Navigator Brands , S.A. Navigator Parques Industriais, S.A.		Portugal Portugal	100.00 - 100.00 -	100.00 100.00	70.03 69.97 70.03 69.97
Navigator Paper Figueira, S.A		Portugal	100.00 -	100.00	70.03 69.97
Empremédia - Corretores de Seguros, S.A.		Portugal	100.00 -	100.00	70.03 69.97
Empremedia, DAC		Ireland	100.00 -	100.00	70.03 69.97

PULP AND PAPER COMPANIES INCLUDED IN THE CONSOLIDATION

			Direct and indirect % held by Semapa
Parent Company:
Subsidiaries
PULP AND PAPER COMPANIES INCLUDED IN THE CONSOLIDATION			Direct and indirect % held by Navigator		held by Semapa	Direct and indirect %
Company name	Head Office	Direct	Indirect	Total	30/06/2024	31/12/2023
Parent Company The Navigator Company, S.A.	Portugal	70.03	-	70.03	70.03	69.97
Subsidiaries:
Navigator Brands , S.A. Navigator Parques Industriais, S.A.	Portugal Portugal	100.00 100.00	- -	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Paper Figueira, S.A Empremédia - Corretores de Seguros, S.A.	Portugal Portugal	100.00 100.00	- -	100.00 100.00	70.03 70.03	69.97 69.97
Empremedia, DAC	Ireland	100.00	-	100.00	70.03	69.97
Empremedia RE, DAC Raiz - Instituto de Investigação da Floresta e Papel	Ireland Portugal	- 97.00	100.00 -	100.00 97.00	70.03 67.93	69.97 67.87
Enerpulp – Cogeração Energética de Pasta, S.A.	Portugal	100.00	-	100.00	70.03	69.97
Navigator Pulp Figueira, S.A. Ema Cacia - Engenharia e Manutenção Industrial, ACE	Portugal Portugal	100.00 -	- 73.80	100.00 73.80	70.03 51.68	69.97 51.64
Ema Setúbal - Engenharia e Manutenção Industrial, ACE	Portugal	-	79.70	79.70	55.81	55.77
Ema Figueira da Foz - Engenharia e Manutenção Industrial, ACE Navigator Pulp Setúbal, S.A.	Portugal Portugal	- 100.00	80.70 -	80.70 100.00	56.51 70.03	56.47 69.97
Navigator Pulp Aveiro, S.A.	Portugal	100.00	-	100.00	70.03	69.97
Navigator Fiber Solutions , S.A. Navigator Tissue Aveiro, S.A.	Portugal Portugal	0.10 100.00	99.90 -	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Tissue Ródão , S.A.	Portugal	-	100.00	100.00	70.03	69.97
Navigator Tissue Iberica , S.A. Navigator Tissue Ejea , SL	Spain Spain	- 100.00	100.00 -	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Tissue France ,EURL	France	-	100.00	100.00	70.03	69.97
Portucel Moçambique - Sociedade de Desenvolvimento Florestal e Industrial, Lda Navigator Forest Portugal, S.A.	Mozambique Portugal	90.02 100.00	- -	90.02 100.00	63.04 70.03	62.99 69.97
EucaliptusLand, S.A.	Portugal	-	100.00	100.00	70.03	69.97
Gavião - Sociedade de Caça e Turismo, S.A. Afocelca - Agrupamento complementar de empresas para protecção contra incêndios, ACE	Portugal Portugal	- -	100.00 64.80	100.00 64.80	70.03 45.38	69.97 45.34
Viveiros Aliança - Empresa Produtora de Plantas, S.A.	Portugal	-	100.00	100.00	70.03	69.97
Bosques do Atlantico, SL Navigator Africa, SRL	Spain Italy	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Paper Setúbal , S.A.	Portugal	100.00	-	100.00	70.03	69.97
Navigator North America Inc. Navigator Afrique du Nord	USA Morocco	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Navigator España, S.A.	Spain	-	100.00	100.00	70.03	69.97
Navigator Netherlands, BV Navigator France, EURL	The Netherlands France	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Paper Company UK, Ltd	United Kingdom	-	100.00	100.00	70.03	69.97
Navigator Holding Tissue UK, Ltd (anteriormente designada Accrol Group Holdings plc) Navigator Corporate UK, ltd (anteriormente designada Accrol UK, ltd)	United Kingdom United Kingdom	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Accrol Holdings, ltd	United Kingdom	-	100.00	100.00	70.03	69.97
Navigator Tissue UK, ltd (anteriormente designada Accrol Papers, ltd) LTC Parent Ltd	United Kingdom United Kingdom	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Leicester Tissue Company ltd	United Kingdom	-	100.00	100.00	70.03	69.97
Art Tissue ltd John Dale (Holdings) ltd	United Kingdom United Kingdom	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
John Dale, ltd	United Kingdom	-	100.00	100.00	70.03	69.97
Severn Delta, ltd Navigator Italia, SRL	United Kingdom Italy	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Deutschland, GmbH	Germany	-	100.00	100.00	70.03	69.97
Navigator Paper Austria, GmbH Navigator Paper Poland SP Z o o	Austria Poland	- -	100.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Eurasia	Turkey	-	100.00	100.00	70.03	69.97
Navigator Paper Mexico Navigator Middle East Trading DMCC	Mexico Dubai	25.00 -	75.00 100.00	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Egypt, ELLC	Egypt	1.00	99.00	100.00	70.03	69.97
Navigator Paper Southern Africa Portucel Nigeria Limited	South Africa Nigeria	1.00 1.00	99.00 99.00	100.00 100.00	70.03 70.03	69.97 69.97
Navigator Green Fuels Setúbal, S.A.	Portugal	100.00	-	100.00	70.03	69.97
Navigator Green Fuels Figueira da Foz, S.A. Navigator Abastecimento de Madeira, ACE	Portugal Portugal	100.00 97.00	- 3.00	100.00 100.00	70.03 70.03	69.97 69.97

CEMENT COMPANIES AND DERIVATIVES INCLUDED IN THE CONSOLIDATION

CEMENT COMPANIES AND DERIVATIVES INCLUDED IN THE CONSOLIDATION
			Direct and indirect %		Direct and indirect %
			held by Secil		held by Semapa
Company name	Head Office	Direct	Indirect	Total	30/06/2024	31/12/2023
Parent Company Secil – Companhia Geral de Cal e Cimento, S.A. Subsidiaries	Portugal	100.00	-	100.00	100.00	100.00
Betotrans II - Unipessoal, Lda.	Portugal	100.00	-	100.00	100.00	100.00
Secil Cabo Verde Comércio e Serviços, Lda.	Cape Verde	99.80	0.20	100.00	100.00	100.00
ICV - Inertes de Cabo Verde, Lda.	Cape Verde	75.00	25.00	100.00	100.00	100.00
Florimar - Gestão e Participações, S.G.P.S., Lda.	Portugal	100.00	-	100.00	100.00	100.00
Secil Cement, B.V. (ex Seciment Investments, B.V.) Société des Ciments de Gabès	The Netherlands Tunisia	100.00 98.77	- -	100.00 98.77	100.00 98.77	100.00 98.72
Sud - Béton- Société de Fabrication de Béton du Sud	Tunisia	-	98.77	98.77	98.77	98.72
Zarzis Béton	Tunisia	-	98.58	98.58	98.57	98.52
Secil Angola, SARL	Angola	100.00	-	100.00	100.00	100.00
Secil - Companhia de Cimento do Lobito, S.A.	Angola	-	100.00	100.00	100.00	51.00
Secil Betão, S.A. Secil Agregados, S.A.	Portugal Portugal	100.00 100.00	- -	100.00 100.00	100.00 100.00	100.00 100.00
Secil Martingança - Aglomerantes e Novos Materiais para a Construção, S.A.	Portugal	100.00	-	100.00	100.00	100.00
IRP - Industria de Rebocos de Portugal, S.A.	Portugal	-	75.00	75.00	75.00	75.00
Sebetar - Sociedade de Novos Produtos de Argila e Betão, S.A.	Portugal	99.53	-	99.53	99.53	99.53
Ciminpart - Investimentos e Participações, S.G.P.S., S.A.	Portugal	100.00	-	100.00	100.00	100.00
ALLMA - Microalgas, Lda. Secil Brasil Participações, S.A.	Portugal Brazil	- -	70.00 100.00	70.00 100.00	70.00 100.00	70.00 100.00
Supremo Cimentos, SA	Brazil	-	100.00	100.00	100.00	100.00
Margem - Companhia de Mineração, SA	Brazil	-	100.00	100.00	100.00	100.00
Secil Brands - Marketing, Publicidade, Gestão e Desenvolvimento de Marcas, Lda.	Portugal	100.00	-	100.00	100.00	100.00
Ciments de Sibline, S.A.L.	Lebanon	28.64	22.41	51.05	51.05	51.05
Soime, S.A.L.	Lebanon	-	51.05	51.05	51.05	51.05
Trancim, S.A.L. Cimentos Madeira, S.A.	Lebanon Portugal	- 100.00	51.05 -	51.05 100.00	51.05 100.00	51.05 100.00
Beto Madeira - Betões e Britas da Madeira, S.A.	Portugal	-	100.00	100.00	100.00	100.00
Brimade - Sociedade de Britas da Madeira, S.A.	Portugal	-	100.00	100.00	100.00	100.00
Madebritas - Sociedade de Britas da Madeira, Lda.	Portugal	-	51.00	51.00	51.00	51.00
Cementos Secil, SLU	Spain	100.00	-	100.00	100.00	100.00
COMPANIES FROM OTHER SEGMENTS INCLUDED IN THE CONSOLIDATION			Direct and indirect % held by ETSA			Direct and indirect % held by Semapa
Company name	Head Office	Direct	Indirect	Total		30/06/2024	31/12/2023
Parent Company
ETSA - Investimentos, SGPS, S.A.	Portugal	99.99	-	99.99		99.99	99.99
Subsidiaries:
ETSA LOG,S.A. SEBOL – Comércio e Industria de Sebo, S.A.	Portugal Portugal	100.00 100.00	- -	100.00 100.00		99.99 99.99	99.99 99.99
ITS – Indústria Transformadora de Subprodutos Animais, S.A.	Portugal	100.00	-	100.00		99.99	99.99
ABAPOR – Comércio e Industria de Carnes, S.A.	Portugal	100.00	-	100.00		99.99	99.99
BIOLOGICAL - Gestão de Resíduos Industriais, Lda.	Portugal	100.00	-	100.00		99.99	99.99
AISIB – Aprovechamiento Integral de Subprodutos Ibéricos, S.A.	Spain	100.00	-	100.00		99.99	99.99
Tribérica, S.A.	Portugal	70.00	-	70.00		69.99	69.99
			Direct and indirect % held by Triangle's			Direct and indirect % held by Semapa
Company name Parent Company	Head Office	Direct	Indirect	Total		30/06/2024	31/12/2023

COMPANIES FROM OTHER SEGMENTS INCLUDED IN THE CONSOLIDATION

COMPANIES FROM OTHER SEGMENTS INCLUDED IN THE CONSOLIDATION			Direct and indirect % held by ETSA		Direct and indirect % held by Semapa
Parent Company
Subsidiaries:
ETSA LOG,S.A.	Portugal	100.00	-	100.00	99.99	99.99
SEBOL – Comércio e Industria de Sebo, S.A.	Portugal	100.00	-	100.00	99.99	99.99
ITS – Indústria Transformadora de Subprodutos Animais, S.A.	Portugal	100.00	-	100.00	99.99	99.99
ABAPOR – Comércio e Industria de Carnes, S.A.	Portugal	100.00	-	100.00	99.99	99.99
BIOLOGICAL - Gestão de Resíduos Industriais, Lda.	Portugal	100.00	-	100.00	99.99	99.99
AISIB – Aprovechamiento Integral de Subprodutos Ibéricos, S.A.	Spain	100.00	-	100.00	99.99	99.99
Tribérica, S.A.	Portugal	70.00	-	70.00	69.99	69.99
			Direct and indirect %		Direct and indirect %
			held by Triangle's		held by Semapa
				Total	30/06/2024	31/12/2023
Company name	Head Office	Direct	Indirect
Parent Company
Triangle'S - Cycling Equipments, S.A.	Portugal	-	100.00	100.00	100.00	100.00
Subsidiary: Triangle's 2 – Cycling Produts, Unipessoal Lda.	Portugal	100.00	-	100.00	100.00	100.00

		Direct and indirect % held by Triangle's	Direct and indirect % held by Semapa
Parent Company
Subsidiary:

10.2. CHANGES IN THE CONSOLIDATION PERIMETER

In the first half of 2024 and financial year 2023, there were the following changes to the consolidation perimeter:

1H 2024

Acquisition of Navigator Holding Tissue UK, Ltd (formerly Accrol Group Holdings plc) Acquisition of Navigator Corporate UK, ltd (formerly Accrol uk, ltd) Acquisition of Accrol Holdings, ltd Acquisition of Navigator Tissue UK, ltd (formerly Accrol Papers, ltd) Acquisition of LTC Parent Ltd Acquisition of Leicester Tissue Company ltd Acquisition of Art Tissue ltd Acquisition of John Dale (Holdings) ltd Acquisition of John Dale, ltd Acquisition of Severn Delta, ltd

2023

Incorporation of Navigator Fiber Solutions, SA Incorporation of Navigator Green Fuels Setubal, S.A. Incorporation of Navigator Green Fuels Figueira da Foz, S.A. Incorporation of Portucel Nigeria Limited Acquisition of Navigator Tissue Ejea SL Acquisition of Navigator Tissue France EURL Merger of Sociedade de Vinhos da Herdade de Espirra - Produção e Comercialização de Vinhos, S.A Acquisition of Triangle'S – Cycling Equipments, S.A. Triangle's 2 – Cycling Produts, Unipessoal Lda.

10.3. INVESTMENT IN ASSOCIATES AND JOINT-VENTURES

10.3. INVESTMENT IN ASSOCIATES AND JOINT-VENTURES
ACCOUNTING POLICIES
Associates are all the entities in which the Group exercises significant influence but do not have control, which is
generally the case with investments representing between 20% and 50% of the voting rights. Joint ventures are
agreements which provide the Group joint control (established contractually) and for which the Group holds an interest
in net assets. Investments in associates and joint-ventures are accounted under the equity method.
When the Group's share in the losses of the associate or joint ventures equals or exceeds its investment in these companies, the Group ceases to recognise additional losses, except where it has assumed liability or made payments in
the associates name. Unrealised gains on transactions with associates are eliminated to the extent of the Group's share
in the associate. Unrealised losses are also eliminated, except if the transaction reveals evidence of impairment of a
transferred asset.
		30-06-2024		31-12-2023
Amounts in Euro	% held	Book value	% held	Book value
Associates
Ave - Gestão Ambiental e Valorização Energética, S.A.	50.00%	28,232	35.00%	167,008
MC - Materiaux de Construction	0.00%	1,483	49.36%	1,475
Joint ventures
J.M.J. - Henriques, Lda.	49.36%	362,436	50.00%	363,498
Krear - Construção Industrializada, S.A. Utis - Ultimate Technology To Industrial Savings, S.A.	35.00% 50.00%	2,057,540 41,869,769	50.00% 50.00%	1,167,556 42,475,845

MOVEMENTS IN ASSOCIATES AND JOINT VENTURES

MOVEMENTS IN ASSOCIATES AND JOINT VENTURES
Amounts in Euro					30/06/2024	31/12/2023
Opening balance					44,175,382	38,379,742
Acquisitions					-	1,818,959
Supplementary instalments
					1,000,000	-
Net appropriate profit/ (loss)					1,751,752	7,785,162
Dividends distributed					(2,687,127)	(3,230,179)
Exchange rate adjustment					9	(568,959)
Other movements					79,444	(9,343)
Closing balance					44,319,460	44,175,382
INFORMATION ON ASSOCIATES AND JOINT VENTURES
				30 June 2024
Amounts in Euro Ave - Gestão Ambiental e Valorização		Total Assets	Total Liabilities	Equity	Net profit	Revenue
Energética, S.A.	a)	8,157,852	8,077,188	80,664	19,694	9,417,938
J.M.J. - Henriques, Lda.	a)	1,047,072	322,199	724,873	(11,399)	-
Krear - Construção Industrializada, S.A.	a)	6,501,921	2,986,841	3,515,080	(220,949)	-
MC - Materiaux de Construction Utis - Ultimate Technology To Industrial Savings, S.A.	a)	1,122,027 42,198,016	1,358,790 12,140,628	(236,763) 30,057,388	(23,175) 3,647,644	973,028 9,247,252
a) Amounts at at 31/05/2024
				31 December 2023
		Total Assets	Total Liabilities	Equity	Net profit	Revenue
Amounts in Euro			5,545,900	477,168	416,197	19,015,606
Ave - Gestão Ambiental e Valorização Energética, S.A.	a)	6,023,067		736,191	(10,606)	-
J.M.J. - Henriques, Lda.	a)	1,046,676	310,485
Krear - Construção Industrializada, S.A.	a)	1,736,604	401,490	1,335,114	(164,886)	-
MC - Materiaux de Construction	a)	910,457	1,071,020	(160,563)	(32,928)	2,193,655
Utis - Ultimate Technology To Industrial Savings, S.A. a) Amounts as at 30/11/2023	b)	42,060,312	10,790,770	31,269,543	15,438,899	39,048,662

INFORMATION ON ASSOCIATES AND JOINT VENTURES

		30 June 2024
Ave - Gestão Ambiental e Valorização
a) Amounts at at 31/05/2024

Net appropriate profit/ (loss)					1,751,752	7,785,162
Dividends distributed					(2,687,127)	(3,230,179)
Exchange rate adjustment					9	(568,959)
Other movements					79,444	(9,343)
Closing balance					44,319,460	44,175,382
INFORMATION ON ASSOCIATES AND JOINT VENTURES
				30 June 2024
Ave - Gestão Ambiental e Valorização
a) Amounts at at 31/05/2024
				31 December 2023
Amounts in Euro		Total Assets	Total Liabilities	Equity	Net profit	Revenue
Ave - Gestão Ambiental e Valorização
Energética, S.A.	a)	6,023,067	5,545,900	477,168	416,197	19,015,606
J.M.J. - Henriques, Lda.	a)	1,046,676	310,485	736,191	(10,606)	-
Krear - Construção Industrializada, S.A.	a)	1,736,604	401,490	1,335,114	(164,886)	-
MC - Materiaux de Construction	a)	910,457	1,071,020	(160,563)	(32,928)	2,193,655
Utis - Ultimate Technology To Industrial Savings, S.A.	b)	42,060,312	10,790,770	31,269,543	15,438,899	39,048,662
a) Amounts as at 30/11/2023

10.4. TRANSACTIONS WITH RELATED PARTIES

BALANCES WITH RELATED PARTIES

Ave - Gestão Ambiental e Valorização
a) Amounts at at 31/05/2024
			31 December 2023
Ave - Gestão Ambiental e Valorização
a) Amounts as at 30/11/2023 b) Amounts as at 31/12/2023
10.4. TRANSACTIONS WITH RELATED PARTIES BALANCES WITH RELATED PARTIES
		30/06/2024		31/12/2023
Amounts in Euro		Receivables (Note 4.2)	Payables (Note 4.3)	Receivables (Note 4.2)	Payables (Note 4.3)
Shareholders
Sodim, SGPS, S.A.		487,028	1,251,307	1,556,297	1,251,307
Cimo, SGPS, S.A.		-	1,160	59	1,160
		345,285	531,401	507,369	588,710
Associates and Joint Ventures
Ave - Gestão Ambiental e Valorização Energética, S.A.
Inertogrande - Central de Betão, Lda.		188,394	8,169	188,382	8,169
J.M.J. Henriques, Lda.		105,116	-	105,116	-
Utis - Ultimate Technology To Industrial Savings, S.A.		13,166	-	(85)	796,988
Other related parties
CLA, Sociedade de Advogados		-	-	-	7,380
Cotif Sicar		-	9,397	-	67,294
Hotel Ritz, S.A.		-	7,323	-	10,831
Nofigal, Lda.		-	4,059	-	-
Sociedade Agrícola da Herdade dos Fidalgos, Lda.		-	-	-	118
Ultimate Cell, Lda.		-	-	-	2,800,000
Other shareholders of subsidiaries Members of the Board of Directors		5,905 480	3,975,909 -	- 549	5,174 8,997

TRANSACTIONS WITH RELATED PARTIES

TRANSACTIONS WITH RELATED PARTIES
		1H 2024			1H 2023
		Sales and	Other		Sales and	Other
	Purchase of	services	operating	Purchase of	services	operating
Amounts in Euro	services	rendered	income	services	rendered	income
Associates and Joint Ventures
Ave - Gestão Ambiental e Valorização Energética, S.A.	(2,478,302)	28	86,536	(1,183,197)	10	46,961
Utis - Ultimate Technology To Industrial Savings, S.A.	(88,850)	-	-	-	-	-
	(2,567,152)	28	86,536	(1,183,197)	10	46,961
			-	-	-	62,225
Other related parties
Allmicroalgae - Natural products, S.A.	-	-
Bestweb, Lda.	(10,974)	-	-	(11,011)	-	-
CLA, Sociedade de Advogados	(30,000)	-	-	(36,000)	-	-
Hotel Ritz, S.A.	(83,333)	-	-	(87,893)	-	-
João Paulo Araújo Oliveira	(55,088)	-	-	-	-	-
Letras Criativas, Unipessoal, Lda.	(30,000)	-	-	(30,000)	-	-
Nofigal, Lda.	(19,800)	-	-	(19,800)	-	-
Sociedade Agrícola Herdade dos Fidalgos, Lda.	(961)	-	-	-	-	-
Sonagi - Imobiliária, S.A.	(415,631)	-	-	(403,079)	-	-
	(645,787) (3,212,939)	- 28	- 86,536	(587,783) (1,770,980)	- 10	62,225 109,186

As part of the identification of related parties, for financial reporting purposes, AVE, S.A. was also referred to as a related party, as it is an associate of the subsidiary Secil from which the Group acquires waste treatment services and alternative fuels.

OTHER RELATED PARTY DISCLOSURES

As mentioned in Note 8.3 – Financial investments, in 2018 the Group, through its subsidiary Semapa Next, S.A., entered into an agreement to perform an investment of USD 12 million in the "Alter Venture Partners Fund 1", entity in which a member of the executive team is also a non-executive board member of Semapa.

11 EXPLANATION ADDED FOR TRANSLATION

These financial statements are a translation of the financial statements originally issued in Portuguese. In the event of discrepancies, the Portuguese language version shall prevail.

Lisbon, 25 July 2024

BOARD OF DIRECTORS

CHAIRMAN:

JOSÉ ANTÔNIO DO PRADO FAY

MEMBERS:

RICARDO MIGUEL DOS SANTOS PACHECO PIRES VÍTOR PAULO PARANHOS PEREIRA FILIPA MENDES DE ALMEIDA DE QUEIROZ PEREIRA MAFALDA MENDES DE ALMEIDA DE QUEIROZ PEREIRA LUA MÓNICA MENDES DE ALMEIDA DE QUEIROZ PEREIRA ANTÓNIO PEDRO DE CARVALHO VIANA-BAPTISTA PAULO JOSÉ LAMEIRAS MARTINS

KPMG & Associados – Sociedade de Revisores Oficiais de Contas, S.A. Edifício FPM41 – Avenida Fontes Pereira de Melo, 41 – 15º 1069-006 Lisboa – Portugal +351 210 110 000 – www.kpmg.pt

LIMITED REVIEW REPORT ON THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Free translation from a report originally issued in Portuguese language. In case of doubt, the Portuguese version will always prevail.)

Introduction

We performed a limited review of the accompanying interim consolidated financial statements of Semapa – Sociedade de Investimento e Gestão, S.G.P.S., S.A. (the Group), which comprise the interim consolidated statement of financial position as at 30 June 2024 (showing a total of Euro 5,091,612,972 and total equity attributable to the shareholders of Euro 1,547,996,660, including a profit for the year attributable to the shareholders of Euro 131,825,274), and the interim consolidated income statements, interim consolidated statement of comprehensive income, interim consolidated statement of changes in equity and interim consolidated statement of cash flows for the six-month period then ended, and the accompanying notes to the interim consolidated financial statements.

Responsibilities of Management

Management is responsible for the preparation of interim consolidated financial statements in accordance with IAS 34 – Interim Financial Reporting, as adopted by the European Union, and for designing and maintaining an appropriate internal control system to enable the preparation of interim consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor´s Responsibilities

Our responsibility is to express a conclusion on interim consolidated financial statements. We conducted our work in accordance with ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and further technical and ethical standards and guidelines as issued by Ordem dos Revisores Oficiais de Contas (the Portuguese Institute of Statutory Auditors). These standards require our work to be conducted in such a way as to conclude whether anything has come to our attention that causes us to believe that the interim consolidated financial statements, as a whole, are not prepared in all material aspects in accordance with IAS 34 – Interim Financial Reporting, as adopted in the European Union.

A limited review of interim consolidated financial statements is a limited assurance engagement. The procedures that we performed consist of inquiries and analytical procedures and the consequent assessment of the evidence obtained.

Procedures performed in a limited review are significantly reduced than procedures performed in an audit performed in accordance with International Standards on Auditing (ISA). In this sense, we do not express an audit opinion on these interim consolidated financial statements.

Conclusion

Based on our work, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements of Semapa - Sociedade de Investimento e Gestão, S.G.P.S., S.A., as at 30 June 2024, are not prepared, in all material respects, in accordance with IAS 34 - Interim Financial Reporting as adopted by the European Union.

30 September 2024

KPMG & Associados - Sociedade de Revisores Oficiais de Contas, S.A. (no. 189 and registered at CMVM with no. 20161489) represented by Paulo Alexandre Martins Quintas Paixão (ROC no. 1427 and registered at CMVM with no. 20161037)

INTERIM REPORT | H1 2024

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