Evolution with consistency, purpose in every step. Good morning, everyone. To plant forests teaches some truths that the market sometimes forgets about it. A pine seedling takes 15 years to generate wood of value. We can reduce this with genetic improvement as well as we improve the culture of our company throughout time, but there is no shortcut. There is no marketing, no narrative that accelerates the biological clock of the tree. This is time. Either you plant or you didn't. When it's time to harvest, the forest doesn't lie. Either it's there or it's not. It needed its time and care with consistency. Entrepreneurial sustainability works like this. Long-standing decisions one day become the short-term results. 20 years ago, we believed, we planted, and we cared of Irani with method and discipline. Lots of others only announced they would plant, they didn't do it, now they're not harvesting. Today, Irani harvests. Our clients, they prefer us because of our capacity to develop projects of paper and sustainable packaging with engineering, technology, innovation, AI, and passion. People recognize that we transform their lives. Society sees and recognizes the impact in the communities. The environment surrounding us is better and better, cleaner and more pleasant. The shareholders receive their well-earned results above the cost of capital, even in a scenario with high interest rates as we are living now. When the regulators demand from us information related to sustainability, we are also ready. It is evident that we spent two decades planting, taking care of, improving with consistency and purpose at each step, at each thing we do, and we're going to carry on planting and growing. Welcome, everyone. Thank you so much for being here. People that are online on YouTube, thank you so much for being here with us. If you're watching us later, because we're going to have the recording, thank you so much for your audience and also for listening to us. This is a super important moment to us. I would like to welcome to our investors, shareholders, the research analysts that are here, and also everyone that is online. To our dear clients that are here also, that are watching us online as well, that challenge us every day, thank you so much. Our suppliers as well, thank you so much for being here with us on this journey. The entities that are here that support us, to the governments that also support us, especially the mayors of the cities where we have our operations. They always have an important participation in our daily lives. They are together with us in our challenges. The communities that surround us as well, welcome. They are watching us online. Thank you so much for helping us on our journey. Our collaborators and former collaborators that are here with us online, you that it is right now with your computer on at the mills. I'm sure that you have somebody, a collaborator watching us online in the road. For you that is there at the end, making things happen at the mill, our corporate offices, administrative offices, thank you so much. Thank you for being part of this journey. Also, I would like to thank the presence and welcome our board of directors, Péricles Pereira Druck, president of the board, Paulo Iserhard, our vice president, Maria Ricciardi Kika, our independent board member, Faldini also Paulo Mallmann, and Carlos Souto. To the members also of the audit committee of the supervisory board that are also present here. Thank you so much for everything you have done and for being part of our robust governance that allows us, every day, to make better decisions. Thank you so much for the contribution and the support of each one of you. Our friends in this journey of 85 years, or people that follow us somehow, that are part of our story, thank you so much for following us and also being part of this long history of more than eight decades of Irani. Welcome to Irani Day 2026. I would like to invite to take the floor, Péricles Druck, our president at the board of directors. Good morning, everyone. On behalf of the board of directors, thank you. I would like to welcome all of you, everybody that is online as well. Welcome to Irani Day. This is an opportune moment to talk about this trajectory of evolution and consistency of Irani, also reaffirm our purpose throughout this journey. The board of directors has this look, to take a look at the company, the longevity of the company. We are working a lot to transform people's lives with sustainable attitudes. This is the purpose of Irani, that makes all the movements in search of growth and evolution. We build our trajectory based on solid values. Respect life, trust with a cooperative environment, credibility, ethics, transparency, and integrity in our relations. Determination to reach goals with creativity and persistency. We work focused on the client. We have innovation as a means to generate value and competitive advantages. We value diversity and inclusion. All of this with sustainability as our guidance in our strategy over these past 85 years. Let's remember that 20 years ago, we already had launched these concepts in our first reports in our social balances. We reinforce the commitment of the company to generate value, longstanding value for our clients, suppliers, collaborators, shareholders, and other stakeholders. They are all somehow represented here. They are all present here, also they are with us online. We recognize the importance of the leaders in this process of evolution. In this line, we register the recent succession process at the board of the company, always connected to the strategic challenges we have. Odi van, that has been with us for 30 years now, he took on the presidency of the company. André, he has been with us for less time, but he has a lot of competence and also he is in the Board of Finance and Investor Relations. Of course, with the team of board members that have been with us for quite some time. They are following us over these 20 years. They all align with this concept. This change was planned and well-structured and guarantees the continuity of the strategy with discipline and longstanding vision. This is one of the most important tasks of the board of directors. We are very optimistic about this moment at the company, also with the execution of the strategy that you will get to know a little bit more today. We live in a macroeconomic scenario that is quite challenging. This is not something new. It demands cautious discipline in the decisions where we invest. We are ready to go through this environment, preserving flexibility to sustain the execution of the strategy with success. We'd like to thank every leader and all 2,000 collaborators that make Irani successful every day and prepare the company to occupy a more relevant role in the sector of sustainable packaging. Thank you so much and have a good event. To grow is to create a future without breaking with its essence. We continue to evolve with consistency, guided by sustainable choices and by people that make this trajectory possible. We build every step of our history with responsible decisions and capacity to mature with time. This is a way to transform intention into movement, open new paths for the sector. Sustainability is our strategy, it's always part of how we chose to grow. It is in what we harvest, what we transform, and what we give it back to the world. We evolve our process, we expanded our positive impact, and we strengthen, with consistency, the basis of our business. Throughout time, we transform this vision into continuous practice, and we accelerate our evolution. Over the past years, our trajectory gained more strength. We began a new moment of transformation. We optimized and modernized our mills and processes. Now we are ready for a new growth cycle, and also to generate value. This trajectory is moved every day by the strength of people that walk hand-in-hand with Irani. They transform our experience in innovation and purpose in results. After all, the future is made by people that transform optimism into action. To evolve is also to expand the way how we give visibility to our journey, with transparency, consistency, and alignment to the best global practices. We continue to strengthen the way how we communicate and we generate shared value, and this is what allow us to continue with robustness. What makes Irani really whole is to evolve in a balanced way, generating value for people and for the environment. Celebrate 85 years is to recognize the strength of a history that came here without losing its essence, and that continues to move forward, prepared for everything that is about to come. Irani, evolution with consistency, purpose in every step. Well, after opening remarks, I'm going to start our event. Basically, in the first part of my speech, I have three steps. First is about the celebration of 20 years of the release of our sustainability report. After that is the release of IFRS S1, S2. We are the third company of the Brazil to do that, the first in the sector. I'm going to present the new cycle of investments and how we're going to do the allocation of capital for the next 10 years. To transform people's lives with sustainable attitudes and solutions, this is our purpose, and we believe we are doing this throughout our history. The way we are doing this and how we manage and measure our evolution is with the release of the sustainability reports. This year, we are releasing our 20th report. We published before those, the social balances, when there was not a methodology or methodologies for that. We published in 2024 and 2025, the social balance. After the methodologies of the sustainability reports, we have adopted those, and all the 20 years are audited. The one that happened before 2025 was audited by KPMG. Here is the QR code if you want to download it. It is available in our website. It is also already at the CVM website, the SEC in Brazil. Sustainability is our strategy. This is the way we reach the demands of our clients, our communities, and our shareholders. We give return over capital above the cost in a balanced way. One thing doesn't exclude the other. It is possible to make things right and earn money with that. This is what we have done for the past 20 years. We are going to see a little bit about that, about the numbers. This evolution we had. In the first report in 2006, the amount of indicators we had is showing at the screen by environmental, financial, and social, and total. We had 122 indicators in the beginning. In the past report of last year, we are releasing this today, we have 143 indicators of monitoring of our advances in the perspectives of environment, social, and economic perspectives. Sustainability for these indicators, this is a management system that allows us to measure and follow our evolution. I would like to highlight the economic aspect. The financial aspect is one of the perspectives that have to go hand-in-hand with other perspectives. It is not one more or not less. It is the balance of the advancement that makes complete difference throughout time. Here we have selected some indicators how we were 20 years back and how we are today, and how we evolved in each one of the perspectives. For the environmental one, we would like to highlight that this is our core business. We make sustainable packaging. Our product has a renewable base and is recyclable and intrinsically connected to the circular economy. A lot has been said. This is a demand from society to recover the products more and more. Packaging is extremely used for companies and retail, and the recyclability, the circular economy of this, it is quite demanded because they want to generate less impact in the environment. We had a reduction of emissions of greenhouse gases in kilos by CO2 per ton produced of 74% in the past 20 years. We had a reduction of residues emissions for paper in Santa Catarina of 67%. We increased the investment in 6.8%. This is CAGR annual heating. Also certifications, so we had six more certifications. But this was applied to several units, and we have more than seven units because in just one unit, we had several others with the same certification, and also the increase of the conservation area. We were also pioneers in the selling of carbon credits. People say a lot about this, but in 2006, we already had projects with MDLs approved at the UN, still in the framework of the Kyoto Protocol. We sold those credits to several companies in the world, to Shell, Cargill. Two projects, one from MDL, of biomass, also to generate energy from biomass. A second project approved at the UN from a station of treatment of effluents. We didn't emit carbon, we also sell credits. We monetized BRL 24 million selling those credits. I remember that at the time, in 2006 or 2007, 2008, I walked around with a deck of PPTs, and I was invited to conduct presentations and events. I was already the financial director of Irani, and I always carry this message. This revenue increases the cash flow of the company, and by doing this, increases GPL and VPL, and with that, increases the value of the company for the shareholder. Environmental investments, they are not necessarily just to improve the environment. They also have some economic return. This is the message I already sent everybody back in 2006, and this called the attention of the society as a whole. We continue on this path. We have the Paris Agreement today. It is a little bit more intricate than the Kyoto Protocol, we continue to reduce emissions of greenhouse gases, regardless of the selling of this credit, because we have our responsibility with the environment. Here, for the social perspective, how was our evolution? The number of collaborators increased 23%. The number of people in the company increased from 15%-30%. We have twice as much women now at the company. We have gender diversity, and our goal for 2030 is to reach 40% of women in our company. We're reducing 54% accidents in the company. We increased the average of training per collaborator in 488%, and also we had an average growth of 11.4% of benefits for our collaborators. We conducted this survey this year in March, and we have an index of GPTW of 86% of trust index. This indicator puts us, there's not a ranking yet, if we take a look at last year with this index, we are among the 85 best companies of Brazil to work and among the 50 best industries of Brazil to work. The position we are today among the 85, we don't know yet because the classification has not been released yet. We are in this elite of companies. There are more than 22 million companies in Brazil. Irani is among the first 85 companies, and possibly, in the last ranking in 2024, we were in the 36th position. We're probably there. This demonstrates how much we care about our collaborators, about the people that make things happen, the genuine concern about people that we have, because we believe that these people, if they have better conditions to live and work, they will produce more, they will have a significant life. Also, this represents more productivity and also more economic return at the end of the day for the company. Our governance has evolved a lot. In the past 20 years, we had the re-IPO in June, we increased this governance to have this opening to have our company listed. We have been a listed company for over 20 years, we haven't been using this. In 2020, in the midst of the pandemic, we were able to have the IPO of the company, we evolved a lot from that with our governance. It was already prepared for this movement to improve the quality of the decisions of the company. It was always a belief for our controlling shareholders. We are listed in the B3 Brazil. We are the only company that is simultaneously in the Index of Entrepreneurial Sustainability of B3 and the CO2 Index of Efficient Carbonic Gas. We have 50% of our board with independent members, three committees that work to support the board of directors, the committee of people and culture, of strategy and sustainability, and of audit. For five consecutive years, we had our financial statements recognized as the top 10 in Brazil among the companies that earn over BRL 5 billion. In the past year, we were very surprised and happy to find out that we were among the 10 top financial statements. We stood out. We were the best among the best. This made us very happy because it captures the essence of transparency, I use an expression called radical transparency in a world that is more and more full of noise. Nothing better than to show radical transparency so we can establish the truth about what we're doing. All the instruments of management, the governance, makes us transparent, and to have this transparency. The economic pillar, how is it behaving? Our net profit grew 9% a year on average. Adjusted EBITDA grew 15.2% a year on average. Our added value went to BRL 1.1 billion, from BRL 110 million to BRL 1.1 billion, 13% of growth. Our share market for corrugated cardboard grew 4.2%. We gave 20% of return a year to our shareholders with this strategy. Do you know how much is 20% a year compounding, as you say in the financial jargon? It is a lot to generate value for the shareholder with a sustainable strategy. For over 20 years, we were able to do this. Why we're not going to be able to do this for the next 10? This is our strategy. This is what we believe in. We received BRL 2.4 billion in sales, gross sales, and BRL 130 million of financial revenue from our investments. All of this that went into our cash flow was distributed, BRL 1.3 billion for our suppliers in our supply chain, and BRL 1.1 billion was the amount we added and was distributed as BRL 300 million for our employees, government with taxes, BRL 321 million, third-party capital, BRL 271 million, but here we must discount financial revenues that we received. So we have BRL 241 million of third-party capital net. Sorry, BRL 141 million, and BRL 251 million of our own capital. So the actual capital structure we set up in our financial management policy has been generating value to shareholders. So there was not a transfer of riches that were generated, which normally happens when the companies lose a bit of their financial balance or economical balance. André is going to talk about this in his speech. We were also perceived as such by different groups we relate to. Besides a sustainability report and transparency, we always have a research to understand how we are being perceived by different public clients, suppliers, communities, employees. The research from this last year gave us an A rating, which is a maintenance. We already had this, actually. An A rating in this scale from Humanizadas represents a high level of maturity. It's a very high rating for this research, where we were recognized by 89% of the 1,100 respondents. If we improve society, we take care of our stakeholders and our related parties. Our biggest rating actually is because we take care of our customers, right? These are management tools we use to measure our reputation in regards to the stakeholders and all of these groups. We are the only publicly-held company in the stock exchange that has these four certifications. We have our goals for 2030 for the SDGs. These are public targets that we've been monitoring, and in 2025, we have all the SDGs we adhere to and monitor, and we have some targets for when it comes to variable compensation. We also have metrics that can monitor this. An important highlight, which is the anticipated achievement of two targets we set to achieve in 2030, we were already able to achieve in 2025. One of them is the increase by 20% of the positive balance for the climate, reducing greenhouse gas emissions, and also having 100% renewable energy in all of our businesses. We still haven't achieved all of our own renewable energy. We still buy our renewable energy, but we have some projects underway, like Gaia V and Machine 7 for Minas Gerais, that's going to increase our self-sufficiency in renewable energy generation, and we'll have almost 90% in average hydro power generation and reaching 100% when hydro power generation is more favorable. We are on this path. Now with this, I'm wrapping up this part of our 20 years of sustainability reports. This was our evolution, this is our strategy, and this is how we can generate value for people. This is how we generate economic value for our shareholders, and this is how we do business. I think 20 years and two decades is more than enough to prove our thesis. Sustainability for us is a capital allocation thesis, this is our vision, this is our commitment. With this, I'm going to move on to the second part, which is our IFRS. As I mentioned, we're the third company in Brazil that's disclosing this report, we said we would anticipate this publication, our term is September this year to disclose 2025. We're disclosing this in an anticipated manner now in May, because from now on, it's going to be a recurring instrument. For those who are not 100% familiar, this is just one more requirement from a regulatory front so that the publicly-held companies can provide information on risks and opportunities related to sustainability. IFRS S1 provides the general concepts of how to do this, IFRS S2 is specific for climate. What companies are doing today is announcing the risks and opportunities related to the climate. We'll have other IFRSs that are going to cover other areas in the business. The priority with the first IFRS is IFRS S2, which is climate-related. Here you can see the QR code if you want to download this. We've already uploaded this on CVM as well, and it's on our website. Here you can see the results of our IFRS report, and there's something that's quite interesting, which is the sustainability reports we've seen previously, they provide a retrospective view, and we published this for 20 years, and the last report we have is 2025. We've always been keeping up with this and watching the evolution in our rear mirror, not in this case. In this case, we look at the future. We look at the risks and opportunities for Irani in the next 10 years that are related to climate factors, the results are here. Looking forward into the future. One contributes to the other. We'll continue to promote the sustainability report because from 2020 on, we started having this integrated report, which is something the CVM guidelines require, and we're going to continue to disclose this, just as we will also adopt, due to regulatory obligations, the disclosure also of the IFRS reports. Generally, just to summarize here, I'll talk about the risks, you can see the materiality concept and matrix. Everything that it represents more than 5% of our EBITDA is in this map, with the exception of risk 2 that we disclosed more because of the relevance of our forestry assets than because of the cutoff of the 5% of our EBITDA. Which are the main risks? Extreme climate events that could lead to impacts that are negative of BRL 77 million. All of this is probability calculations and calculations done looking at the future. There's a level of judgment that's pretty big. Whenever we talk about the future, quite frequently the judgment is a relevant piece in this calculation process, that's what we try to have an approximation for, right? Looking at statistics, what are the chances of this happening? You bring this to present value, you search for ways to reach this number. BRL 4 million of risks for forestry fires. We have very few forest fires, we have a pretty high control system. We have BRL 32 million of risks for the rupture of dams. On this side, we have our opportunities. The first opportunity we have is quite big, it's the increase of the demand for paper and sustainable packaging. With the assets we have today, we don't have the investments here, we're going to talk about this later, they could lead to an increase of BRL 377 million when it comes to company value. This is already in our investment thesis. We already have this knowledge. We just didn't quantify this yet to understand how much it could represent, this number is based on the current company operation with the production plants we have and the capacities we have. The increase in demand generates a greater volume in tons of paper and packaging, better pricing conditions, and over time, this generates the BRL 370 million. The second opportunity is valuing our forestry base, BRL 105 million, due to the demand. BRL 81 million, which is self-sufficiency in renewable electric power, and these are the opportunities we have to increase generation of renewable energy. BRL 40 million due to our access to incentivized credit facilities and credit lines that can help fund our operations. The summary is the following, right? The opportunities overcome the risks, and we have more opportunities than risks. The message is the following. Our business, right, Irani's business, is at a favorable trend and where you see that the climate impacts really favor the business, right? This is the main message that should be understood, right, from this set in the report. This is not different than what we had already known about, right? We built our strategy exactly following this thesis, right? The report and the methodology for S1 and S2 is here to confirm and provide tangibility of this understanding that we've already achieved. Anyways, we spoke about the 20 years in the sustainability report. We celebrated the achievements. We announced the S1, S2 report, and here I'm just showing you this in a very summarized manner. It's a very complete report, and I'd ask you to download this and read it. There's a lot of interesting content, a lot of great information here. It was audited by PwC. They're our auditors from the financial statements, so it basically integrates the financial statements, and you have the same editor we use for them. Now I'm going to pass on to the second chapter, which is supported by our history, attracted by this future, we are searching for greater relevance. We are required by all stakeholders and people that watch our work and that Irani should occupy a greater piece of the market. The impact we generate is perceived as positive, and we must exponentialize this impact. What allows us to have this impact with greater exponentials is the economic returns of what we're doing. When we have the economic returns, we can do more. When we do more, we can impact more people, and we can impact society better as a whole with a greater reach. Based on everything we've done, our understanding is that we deserve space in the market that's a lot greater than what we occupy at the moment. Now, I'm going to talk about what we plan to do, which is the next cycle of investments. Every three years, we review this. We're already starting off where we're going to be adding more content and what's decided as our core business will continue to be done. Now, at this moment, with this history of returns, indicators, and evolution in each of these sustainability perspectives, we would like to announce the Gaia XII Project, which is the last project of the Gaia Platform, and the Neos Platform, which some of you probably already know about, but it's been restructured in regards to what we've been talking about a few years ago. The Gaia Platform, with investments of BRL 1.3 billion so far, and Gaia XII, which I'm going to be talking about soon after, are another BRL 534 million. We'll have about BRL 1.8 billion-BRL 1.9 billion of investments in the Gaia Platform. They were focused on optimizing the current production plants. We invested in the Santa Catarina plant, we invested in our packaging units, and today our plants are really up to date. The only production plant we had not invested in yet with this optimization process is the paper plant in Minas Gerais, and we're doing this with Gaia XII already. The Neos Platform is all about growth, right? We optimize our current production plants, and this is what enables us to grow, because our production plants are up to date, our cash generation for these investments is really strong, and we plan to reinvest in capacity expansions, right? Of what we would like to achieve, right? The first investment, and then Henrique will get into more details later on, but Gaia XII is the last investment of the Gaia platform that is focused on the optimization of our site in Minas Gerais. There's a CapEx of BRL 514 million, and we already have been working on the engineering. There's been approval for the board as well for the execution, and this is already approved, and the expectation to start up the new plant is at the fourth quarter of 2028. André will show you this. This investment fits into our leverage, the 2.5 times. We try to be really disciplined with our investments. Although we have a really big pipeline of investments to be made, we try to phase this out and always use the company's own cash generation and with the necessary cares to not leverage the company too much or fall into the trap of getting a high interest cycle with such an excessive leverage that will make all of the cash generation in the company increase because of debt payments. We're really disciplined with capital allocation. We might not move at the speed a lot of people would like us to, but we do move with care, and we're careful to be able to preserve the financial health and economic health of the company. Meanwhile, we really implement the investments and have a return on capital for investors. This investment is approved and the startup expectation is that it'll be in the fourth quarter of 2028. We're going to get into the Neos Platform. This is the other set of investments that will take us to growth. The Neos Platform is approved from a conceptual perspective by our board. This is the strategic path we'll follow, but it's still not approved exactly in regards to the execution or implementation of these investments. We're working on the studies, the economic feasibility studies, engineering studies, and identifying the right sites and locations, and we'll submit a final approval before we begin. This is the strategy, and this is kind of the path we're searching for. It considers two new packaging plants. One is called our Packaging 3, with 120,000 tons of capacity per year. We'll have a fourth packaging factory where we're going to really focus on market share, and our main compass is going to be the market. We're going to search for relevance in the market, we're going to search for two packaging plants, and at the end of this cycle, we'll have one recycled paper machine. In the fiber balance, we have a bit of a leftover in recycled packaging. After we'll see this with the production of paper, with two plants, we're going to be kind of short on paper during a period. That's where we have the recycled paper machine coming in. If you've seen the Neos history, the first version we disclosed had a forest base and a new paper and pulp credit facility, as well as virgin fiber paper. We redid this, we revisited this, and the vision of investing in a forestry base and investing in pulp and paper production and virgin fiber at this moment is not delivering the returns we would like that to. We weren't able to close the equation of the return on invested capital. That's why we wanted to focus on recycled goods because we see reduction. We reaffirmed our beliefs that the demand is there and the opportunities are there. We're going to focus first on the occupying this market and then in the recycled paper machine. We didn't end up abandoning this. It was just placed on the parking lot for a little while so that we can study the best ways to make this feasible. At this moment, the focus is two new packages and a paper machine, which will really reinforce our belief in circular economy and sustainable packaging. Packaging 3, which is the first we would like to implement, we have multiple studies going on and everything is leading us to understand that the best location would be the south of Minas or in the southeast of São Paulo. Here you can see a heat map of the demand for corrugated cardboard packaging. We have proximity to the consumer market, we have suppliers and labor availability. There's logistical accessibility, and that's where we're also imagining the possibility of that paper machine being installed on the same site for Packaging 3 because at the end of the cycle, it'll be integrated in the production. Here, as we look into the market, how is the market behaving for corrugated cardboard? Why are we going to have two packaging facilities, right? Isn't that too much supply for this market? The calculations we worked on are here, and the market has been growing at 2.5% per year in volume or tons. If we just project this growth on average for 2034, we'd have an increase of 5,000,250 tons, and it grows 957,000 tons of additional demand for packaging. Today, we have 4% market share. With two production plants, we'll be able to capture part of this growth. Both plants would represent a supply of 240,000 tons per year, and this growth in 10 years would represent 957,000 tons. Our strategy to capture part of this growth and market share. In this calculation, we're not even considering an acceleration of this demand due to the favorable trends for sustainable packaging. With this, at the end of the cycle, we estimate that we'll reach 8% market share, basically double in regards to what we have today. The sustainable packaging sector has a growing demand and the main drivers, why is it growing 2.5% per year, and why do we think it could be more than this? Because there's traction with food exports, protein production, and if you believe that Brazil is a protein producer for the world, then you believe that the sustainable packaging sector is also relevant for the world. It's already significant, right? The packaging sector is the sixth greatest in the world when it comes to production and shipping. It's already significant. Brazil is a big animal protein producer, and Lindomar is going to talk about this a little more. These proteins are sent in our packaging. We have the main factory in the biggest cluster of packers and animal protein production sites. We're in the middle of the forest together with our PCHs. Now in 2024, you can see the same 10 have the same percentage of the market. There's a trend of concentration, because it's a sector that has its challenges. Here you can see some of them, I think these are entry barriers for some companies and opportunities for other companies like Irani. It's a sector with high CapEx investment requirements and the long execution cycles as well. You see the packaging we talked about in Packaging 3, our expectation that will start it up by the fourth quarter of 2028. We have three years. I think that's three years for execution. It is a long cycle. You don't open a store from day to night. You have to have engineering. It takes three years. It's a long cycle. We need a lot of innovation capacity together with our clients. We produce pulp, we produce paper, we produce packaging, we're very close to our customers, where we have a huge concentration of animal protein production sites in that region. There is also growing demand for more sustainable solutions for packaging. We've seen this demand grow significantly due to sustainability issues and the growth of e-commerce as well. Lindomar is going to talk about this up ahead. These are all drivers that lever demand. This is also really connected to what we saw in IFRS, BRL 377 million. That opportunity was only related to the current sites and current conditions of the company, but it is a strong indication of the trend that confirms this view of the growing demand for sustainable packaging. We see a concentration trend among players as well. We can see that in 2012, the 10 biggest manufacturers had 57% of the market. We have to be together with you so we can grow together. The tax reform is a new piece in this environment. From what we see, companies such as Irani that pays all the taxes without any days of delay, they are going to be very benefited. Not everyone is familiarized with this topic. There is a difference in this tax reform, which is the tax credit that is not structural, and it's financial now. Our client, it can only take the credit if we pay the tax, if it's indeed paid for the government. Now they have this other type, and a lot of companies, they don't pay. This is going to end because this is a commercial condition. If they don't pay the tax the month that is due, it is a cost for the client. Companies like Irani that make everything right, they're going to be very benefited by this tax reform. We believe that there's space for this because there are players that use a tax strategy that is in the law. They are in the law, but they are not going to have this advantage anymore, so I think we're going to be benefited. Also there is the challenge on the return on invested capital in an environment of high interest rates such as Brazil. There are few companies that can overcome and take advantage of these structural factors, and we are convicted. We are sure that Irani is one of these companies that will go to the highest level and will capture this growth of the market that we're showing right now. This is my last slide. As I mentioned, we have some attributes that makes us capable of playing this high-level game and also to generate values to everybody, to clients, shareholders, everybody. We have modernized plants, as I said. We have Gaia Platform that certified us. Today, our cash flow is super healthy. Our plants are modern, and we have everything well done. We are ready to take off. Now it's the time. We have our own generation of energy, renewable energy. This is costly, and we are going towards our 100% of own generation of energy. We have fantastic people working for us. We are very proud of our collaborators. For years, we invest in training. We really raised the bar. People deliver. People are proud to be working with us. We are an employable brand. We are always preferred in the units and the places where we are by people that want to work with us. This is seen at the surveys of GPTW, Humanizadas surveys. We have a team that is ready. I would say that we are better prepared than other participants in the market, and this makes us very sure that what is most important is about people. We cannot do this without very good people, and we have that. This makes us very secure and sure that we're going to deliver this plan with a successful outcome. All the platforms, all the programs with Gaia Platform were delivered on time and within budget. All the programs. This is competence, and this is what we're going to do in the Neos Platform. Our project management office was awarded as the best in Brazil. This competency gives us this assurance that we're going to have the competence to implement the plan. We also are excellent in execution of projects. We have our own forests. We are focused on the client as something that is different, the way Irani does it. We have our clients here. We don't sell scale. We don't sell quantity. We sell technology, we sell innovation, proximity, services. We sell value generation. There's no other that does that in the market. Our team is prepared, guided to go to each one of our clients and develop new products. Actually, I have a request for our clients. Irani is your lab. Ask Irani to develop something new. If you feel that the market is demanding that, the door is open. Our lab is yours. We want to count on you. We want you to be successful by doing this, because if you are successful, we are as well. Count on us. Use our structure, not just of research and development, but anything that can help you develop, either for fiscal, for taxes, for sustainability, environment. We are ready to help you. Count on us. Another thing that is super relevant is the access to the capital market. There are few companies in Brazil in the sector that are listed and have access to the market, as we do. Our debt cost is less than CDI. If we can access not just the capital, but also the right capital at the right time, by the right cost, this is something that few companies have that. With that, I conclude the first part. Our mission is to build a value generation to generate prosperity and also making sustainable packaging. We want this to be shared. We want to continue with this. All the numbers you have seen, the evolution of Irani, we want this to be the evolution of each one of the partners, of our clients, suppliers, collaborators, the communities surrounding us. If we all grow together, all of us are going to win, and we're going to have a better life condition for society as a whole. Now I'm going to give the floor to Lindomar, and he's going to focus on packaging. Thank you, Odivan. Good morning, everyone. Good morning to those who are here, to those who are online through YouTube. What we have just announced here, it is a milestone for Irani. It is more than just double our market share from 4% to 8%. It is our capacity and the way we do our business, building offers that have value. This is the concept we have with solid strategies that are consistent and sustainable. In a sense, we are sure that we're going to take off and we're going to get there. Obviously, everybody's asking how to get there. That's what I want to share with you. I want to share about our strategy and our plan, how we're going to get to 8% of market share. Our strategy is fundamented in two pillars. The first is market. Odivan explained a little bit about the market. The second pillar is the way we do business and our competitive differences. When we talk about market, Odivan mentioned about the market that has grown over 2.5%, and this represents an incremental sustainable packaging close to 100,000 packaging. It is a factory, it's a plant per year in terms of organic growth. We know our market has an enormous potential of growth yet. We compare our per capita productivity in Brazil, it is extremely low. We compare it to countries such as Europe or Asia or the Germany market, where we have 84 million inhabitants with a per capita consumption of 60 kilos. We take a look at Brazil, it's still 20 kilos per inhabitant. We have a huge potential to grow, till we can navigate. It's not just the organic growth. It is this growth that should be visible in the next few years. I want to explore, besides the market aspects, two segments that are quite strategic and that will be boosters for our performance for the next years. The first one is the animal protein, talking here about meat, swines, and also birds. It represents a huge market share, almost 640 tons of sustainable packaging. It's quite big. In 2025, we're 33 million tons. It is growing between 2.3% and 2.5% a year. For exports, it is a market that represented last year 11 million tons with 4% of growth per year. As Odivan mentioned, this market, specifically for swine and bovine, we have a lot of knowledge, we have a lot of expertise in this market. This represents 38% of our production. Odivan said it well. We have a plant that is quite strong. We have a lot of knowledge in this. When we take a look at bovine, this is an avenue of growth that is for sure we're going to go, so we can increase our market share. We take a look at this other segment, and I wanted to share it with you, that ends up creating this structural demand. It's e-commerce, e-commerce and marketplace. This has grown a lot from 2019 to 2025, it's important to highlight that during this period, we had the pandemic, there was a change, a structural change in the way people purchase things. Part of this continued. It was a growth of 12.7% a year, for the next few years, there is also a projection of important growth of about 5%. When we take a look at Brazil, there is still a space that is quite big. We haven't reached maturity yet for the e-commerce. 10% only of our penetration is in the total of our retail. We take a look at the global average, this represents 20%. That is, we still have a gap of 10 PPs to be reached. This represents, we are sure of this, that paper packaging and also cardboard packaging will be a protagonist in this logistics for e-commerce. I'm sure that this segment will help us. These are two segments, animal protein and e-commerce, that's going to accelerate and make possible for us to grow in sustainable packaging. Talking about the market, this is our first pillar of our strategy, to double our market share. The second pillar are our competitive advantages. This slide here, we take a look at market and our competitive advantages, we can say that we are protagonists in this segment. Why? Because we don't take a look at the packaging as a mere input in the productive line of our clients. This is what makes us different. We take a look at this as a complete solution built in partnership with our clients. We prepared ourselves to have this recognition in the market. This is a product, a process that generates value for the packaging of our clients. We are ready to be considered protagonists in the sector of paper and packaging. I always like to affirm that definitely cardboard packaging is not a commodity. We work in our company with 13,000 SKUs. Each item is customized for our client. We can consider this is not a commodity. This is how we can see the packagings and the cardboard packaging. It is not just an input, it is a packaging system. When we take a look at our differences, and Odivan talked about focusing on the client, these are our advantages. We're going to talk about the focus of the client, the way we position ourselves to create value, and also our central pillar. Our system of research and development, the projects of development of Kraft and engineering. This is something we have always done, but we are strengthening even more so we can expand our offers. Market intelligence. We are basing everything on facts and data. This is a new journey for Irani, we need a lot of intelligence to understand the times and movements and how things are working, this is fundamental for our commercial team, so we can make sure that we have this new moment. This is being accelerated. Of course, a qualified team, as Odivan said. People that really make things happen. When we talk about focus on the client, and Odivan talked about that, this is something that crossed our paths at about 20 years ago. This transformed our way to build our relations with our clients. What is, in an objective form, the concept of focusing on the client? It is to position ourselves besides our client, taking a look at our clients, identifying opportunities of improvement. Sometimes the client knows the business, his business or her business, but we know things about packaging, when we are partners, we can provide best solutions. This is the basic concept of focusing of the client that adds value to our relations, this changed the way we conduct business completely. Once again, we don't see cardboard packaging as a mere input in the production of our client. We see packaging as a complete system that is complex and adds value. Together with the focus on the client, we work with expanded interface. This is a concept that came from the companies, from Nélio Arantes' companies. We learned this as well, where we work with our interfaces areas, they are aligned with the client's interfaces. We have a quality team that talks to the quality team of the client, a financial area that talks to the financial area of the client. The tax reform, like Odivan said, we studied this in depth. We continue to study this topic. What are we doing? We get our fiscal area that talks to the fiscal area of our client. This is to add value to the client. Again, I insist, we don't see packaging just as an input in the process. There is a value that we add in the process. This is something we really like to do, I brought examples from the sustainability areas that talk to the sustainability areas of the client. Odivan showed us. The report of sustainability, there are 2 decades of a journey. In one of the visits, an important client from our portfolio, the client is Sulita. Just so you can understand the concept, it is a company that is located in Santa Catarina for meat packing, and they kill 3,000 swines every day, and they want to reach 5,000 every day. In one of the conversations, they said that they started to have this sustainability journey. We got our sustainability team with this journey of over 20 years of experience, and we conducted an immersion of two days with the client. Why? To talk to them, to see what we are building, and this, again, is value added. We don't just see packaging as an input. When you focus on this, you focus on one variable only, which is price. This is not our offer. It's much more expanded than that. This is a valuable offer. When we see our journey, this is an incredible experience. I was there at the company at the last day of immersion. We have also the CEO of the company, the son of the CEO. It was an incredible experience. It's extremely valuable. This is a value proposition. This is not just to sell a box, a cardboard box. Another experience that I wanted to share with you. It is something that I would say it is the central pillar of our strategy. We reformulated our research and development. We used to say that we used to work with development, but we lacked the P. We lacked the R, sorry, of research. I dare say that Irani is the only company that has a research area focused on cardboard. We see these competitors with a huge development team, but focused on paper, forest, but the research area just for cardboard, I think we are the only company that has that. We are beginning, and we have a lot of fruit to harvest, but we changed a little bit of our position in this strategy. I wanted to bring to you a video that mentions the way we are conducting our R&D area here at Irani. Talking a little bit about the R&D for the packaging division at Irani, our department encompasses a series of important areas. We have, since the scientific research, which few researchers in the country offer for their clients, the generation of new knowledge about the material and packaging. We have the development of products up until technical assistance, customer service, and quality control. Since the pre-sale until the post-sale, with the control of quality during the process, making sure that the planned specifications by the development team are being fulfilled. One of the main services today that the research and development team has been developing is called re-engineering, and also we revisit the portfolio of the client, seeking opportunities of optimization, monetization for both parts. It is a very interesting case where we apply our knowledge. It is a very prepared team. We make visits. We see the needs in practice. We use computer tools, also with AI. We can, in a big coffee player, we could apply all the SKU, and we could put three tons more of coffee at the final use of the packaging. We reformulated material, model, and this also brings very interesting carbon footprint. We reduce six tons and a half per year of carbon launched in the atmosphere. We applied knowledge so we can have this sustainability and also strengthen the connection with our clients, thinking that is a single SKU of a portfolio of a single client in a portfolio of more than 800 active clients, where we have a lot of opportunities still. This is a value proposition. This is focusing on the client. I wanted to show this case. Just a second. I wanted to show you this case to show that there is science, study. It's not simple. It seems simple, but it's not. We could, in the same pallet, increase in 16 boxes per pallet. They could have 3,500 more kilos of coffee. When we talk about emission of CO2, almost 9,000 kilometers saved of this truck transporting the same quantity of product. This is focusing on the client. This is to build a value proposition. It's what makes us different, and also we can say that we're going to double our market share. This is the way we generate our business with our clients. Another case that I wanted to show you. This is a slaughterhouse of swine located in Santa Catarina. Again, focusing on the client, being together with the client, with technical assistance, and there is a huge opportunity. This packaging that you see here. This packaging that you see here is I don't know if I can play the video. It is already playing? Okay. It is a complex packaging. You see that on the sides, it has a closing that makes it difficult for the collaborator to put the chicken here. With our look and our knowledge, we could develop a simple packaging that is efficient, that improve the productive capacity in 20% measured data, 20% more productivity with this client, with this new format. It is a very important gain for the client. We could reduce 18% of the amount of cardboard consumed. This is engineering, this is science, this is intelligence applied. We win and the client wins. This is the way we are doing. We have several opportunities to work with our clients of works like this that seem simple, but they have huge value. This is value proposition. This is not just input. If you don't have this vision, you cannot propose that. This project is already in our client's facilities. We could expand this model of boxes for other companies in the sector. Take a look at the impact that this brings for the whole business. I think that the reflex of everything, this whole construction, this robustness to create this value, the reflex of this is in our NPS, 84 percentage points. This is a reflex. We have the acknowledgment of the work that we do with our clients. Again, this gives us the right to grow because we treat this segment in a different way. We have the strategy. We have the plan. I am sure that we're going to double our market share for corrugated cardboard. That's what I wanted to show you. Thank you. I think I went a little bit over time, but I invite you to a coffee break. Let's have some coffee, juice, and we come back in 20 minutes. Thank you. Hello. Well, good morning, everyone. I have the mission to speak after coffee break, so maybe it's even more difficult to catch your attention. I would like to thank you for being here, all of the people that are following us online. I'm going to speak a little bit about paper, and also link with all the presentations from Odivan, Lindomar, and everything that was also discussed here before. Here, we talked a lot about growth. When we speak about paper, historically, our production of paper, we grew more than the average market. The market grew 50% for papers for packaging, and we grew 84.3%. I would like to remind you that the investments recently made by us was in Machine Two. We ended in 2022, November. We had Machine Five that we just started, and also for the growth in paper, Odivan has already announced Machine Seven, that is going to contribute to this for paper. I'm going to explain a little bit about what we do with paper. It was very well introduced. We have our own forests. We have two raw materials for paper. One is the forest for the pulp, and the other are the residues that come from the recycling. We produce paper from 200 to 300 grams. Some people maybe do not know what is a 30-gram and a 200-gram paper. I'm going to get an example here. Talking about paper 30 grams, it is thinner, especially for bread bag. I just want to give you some spoiler. For all of you that are here with us, you're going to receive some bread that are packaged in our packaging for food. When you see this 3x4 symbol, this is the most appropriate paper for food. If you go to a bakery and there is a paper that is dirty, complain. You say that you have to use Irani's paper. This is a thinner paper. What is 70, 80 grams paper? I'm going to give you an example, and I'm going to give you this. It's a bag. You're also going to receive gifts. Can be an industrial bag of coal or seeds. It has 70 or 80 grams. The heavier papers, Lindomar introduced a lot of cases. You're also going to receive with your gifts, it's a box for heavier paper, and we're going to present you, to gift to you, honey that is from our forests. In here we have two lines of paper. We have a flexible paper that goes from 30 to 200 grams. We also have what are the main final uses? Delivery, retail bags, bread, other industrial niches that we are in. Then lies the question: can't you grow more in this segment? We have several clients present here in this segment. My answer is yes, we do. Yes, we can. I'm going to explain how. We have one of our machines that is flexible. What does it mean by that? I'm going to say that it's a hybrid one. It is for rigid packaging and also for flexible packaging. We have spaces to occupy this in more flexible packaging. The ones that are following us online can grow their business because we know we can see, and we can also see this in a flexible way, offer this in a flexible way. From our experience that we gain in productivity, a little bit about 5%. This will continue to be done in the next few years. Another paper is the rigid one, that Kraft line, and also for our boxes, that Lindomar sells this so well for the market. It seems like all that Lindomar has said, it's a repetition, but I'm going to show about the P&D of the paper. It is focused in innovation and development. We have one of the most modern P&Ds and research and development, sorry, of the sector. Since the forest, pulp, paper, we have the equipment. Much more important than this, we have a team of chemical engineers that are wonderful, and they make things happen at R&D, including Vera, she's here, representing one of our engineers here. Besides also taking care of all the inputs to improve the performance at the factories, at the pulp, we also develop products, and also for the segment of flexible packaging, and we develop also for the rigid ones. Lindomar and the team can sell alternative solutions in the market. I'm going to play a 15-second video so you can see what is the R&D of paper. Gab is here. We are always taking a look at flexible and resistant packaging. It is fundamental in an industry of paper, recycled paper, always taking a look at other parts of the world for inputs, and having analysis of results. Everything that we do at the industry level, it goes through our R&D, and also through research and development. What is our value proposition here? The quality of our product has such a good performance with the client that ends up generating this value proposition. I'm going to paraphrase, but a lot of people think that paper is commodity, and it's not. We sell according to the needs of the client, and also with each final use. The same way of the packaging, I'm not going to talk about the concept of the focus of the client that was extremely explored. It is in our DNA. What I'm going to talk to you about, it is what our team does inside the factories. Continuous improvement of the process, to try to exemplify even more what Lindomar has said. Let me put the video here. The idea was the program to generate value. It was born basically from two pillars. The first is the mission of Irani to create a value proposition, and one of those is the focus on the client. What is this value program? It enables some kind of internal improvement for the client, and the client doesn't even know if they need. What is most critical for the client, we can propose in the program. I see that this opportunity that we have to share our knowledge and our experiences and all the continuous improvements that we have made, I think this is a single moment. We are sharing this. We can follow this with the client. PACRAFT is a traditional client. They are already our clients for 35 years. We have a very solid partnership. They have quality, they have service, and I wouldn't be here if I didn't have the support, this partnership of so many years. I believe Kaizen comes to sum. As we said, we are going through a process of changes and talking about very well-mapped procedures. We can identify where are the bottlenecks, opportunities for improvement. This tool is to contextualize what we are seeing, to seek efficiency, continuous improvement. We decided to accept the proposal, and it was really nice. We had a week together focusing a lot on people, a very big team. We could have seven, eight people at the factory. We started putting our philosophy to improve continuously, the Lean and Kaizen philosophy in our plant. In this week with Kaizen agents, we have different setups for machines. It's a very cool job. It allows us to grow 24% this year, more than the goal, and really go towards a direction that is even better. We have this objective to improve this operational flow for the final product. There were made improvements at the management and also availability of these critical materials, reducing the stops at the machines because of lack of inputs and increasing the productivity of the client. We also combined a goal post Kaizen with an increase of 26% of the production of this by-product through all the actions that we set up. Everything you can do to improve the relationship or even the life of the client, it is worthwhile. I am really touched by this video. People do this with so much passion. It is a genuine purpose of this company. It's a culture here. If you talk about somebody from expedition, they are focused on the client, a production team, somebody from finishing. It is something that we do in a genuine way because we believe indeed that this is the way we do things. This is the way we have to do things. This was a spontaneous moment of the clients. This is not forced. We don't make them speak like that. They spoke from their heart. We showed the examples, and we wanted to talk about the focus on the client in a different way. Let's continue now. I'm going to say something that it seems obvious, but it's not. We build solid alliances. Why do I say this? When we say we sell paper, the main input of the ones that are making bags or boxes is paper. That's the main input. Believe me, you have this stable commercial policy. You have this supplier trust. It is something that is very valuable, and I think we're the best in the market in this. These are two super simple values. We do this with mastery. The dollar can go up or down. We honor all the contracts. We don't leave any client behind. It's unnegotiable for us. This could be just something that is made up, but no, I am proud to say that this is the sum of everything we said. This is our NPS of 91. That shows the answer of our clients to all the value propositions that we do for paper. This is really nice to see this number. Thank you so much to the clients and also the ones that are following us online. The external market clients also evaluate us, and this number is here. For paper, I'm going to conclude, and I'm going to talk about the Minas project, about the investment. This is our factory in Minas Gerais, in Santa Luzia. It's close to the international airport. This is transferred to Indaiatuba in the state of São Paulo. We started this in 1980. We bought it in 2013. Which are the returns on investment? As we said, there are BRL 514 million gross, BRL 544 net, and BRL 453 net, and we're going to have a return on the production of paper. I'm going to show how much it's going to increase. Reduction of the cost of steam and energy. This factory, this plant, we're going to remove a gas boiler and we're going to have a biomass boiler. Besides generating energy, we're going to have a quality of the paper that is better, a better appearance, more resistant, more grammage, and also a gain of performance of our boxes in the plants. Aligning to everything that Irani is in sustainability, this factory, this plant, will also have better recycling of the effluence, use of water, and also emissions of CO2, and recovered paper and scrap. We have the 20% rate return. We have this project, and it has to have a return. The financial return is above the cost of capital. This is the justification, how we're going to have the reform or the renovation of Machine Seven. Let's continue with this link, as I said before. We mentioned about IFRS, and we say this for two reasons. For generation of renewable energy, and we're going to have this through a biomass boiler. The second thing here, this project has the potential to have a methodology to generate carbon credits, because we're going to exchange the boiler and we reduce 85% of the emissions. At last, we have the other big return of the project. It is an increment of production of paper that will go up 60%, from 60,000 tons per year to 96,000 tons per year. These are all the indications for the project. The engineerings are all ready. As Odivan mentioned, we have a lot of experience in the execution of the projects, and they were all executed at the right time, at the right way, with the right CapEx, and this is not going to be different. I think that was it. Thank you so much, everyone. Now I'm going to give the floor to André. He's going to bring the final view of the financial team from everything that was mentioned today. Thank you. Good morning, everyone, all of you that are here with us in person. It's a huge pleasure to speak to you today. I would like to remind you of our presentation so far. We started with a strategic view of the company, with the consistency of execution, and also Oh, I'm so sorry. I don't have the clicker. We started with the view of the strategy with our CEO, also talked about the competitive advantages of our business areas. I think the question now is, okay, but what is the financial result of everything? This strategy that Irani is executing with consistency delivers, gives return to our shareholders. We have here, since the IPO, that was a big milestone in 2020 for our company. How is the panorama in the Brazilian stock market of the companies that were also listed in this big window of 2021? Only 24% of the companies that were listed in this last big window gave a positive return. If we consider those who overcame IBOVESPA and CDI, only 10%. Irani also overcomes that a lot of CDI. We deliver 16.6% a year, and IBOVESPA in the period delivered 11%, and CDI, 10.3% a year. We don't even have to compare the small gaps that are similar to us because of the size, because they gave actually negative value. A very important component of this return that we gave to our shareholders is compensation. Direct compensation, either through dividends, either through the repurchase of shares. We had our share at BRL 4, and we delivered BRL 3.21. The dividend yield through the years was close to 10% throughout this period. Besides that, of all the shares that we issued at IPO, we already repurchased 26.5%. Here at Irani, we have financial policies that guide our discipline of allocation of capital to bring comfort and security from the financial point of view. The main policy is the financial management that takes a look at leverage, where we have a goal of 2.5 times of EBITDA. Every time our leverage is under this, we redistribute 50% of the net profit as dividends to our shareholders. If it goes over this, then we distribute 25% of payout. What is the view of the future of the structure of the company? Also taking a look at all the investments, all the ambition to grow. Let's cover this leverage in a healthy level. Let's see this, always making sure that we have less than 2.5 times less than EBITDA debt. Why do we see this? This can get to 2.5 times because it's a potentialization to generate value. Because it allows us to use debts so we can also boost our growth, and also to distribute the dividends to our colleagues. This keeps the health and tranquility of the point of view of the company. Something that is very important, to seek reduction of the cost of the company. We want to pay the lowest interest possible. This is the way that we're going to compensate our shareholders better. If we analyze the consistence of the work, this is something incredible. Analyzing the spread of the interest rates according to CDI, we went from 6.2% in 2020 to today, a negative level of 1.6%. What does this mean? Our debt was plus six. Today, it costs less or minus 1.6. Our debt is below the cost of CDI. Some recent examples that reinforce that. The work of Gaia V for 15 years of term, it is CDI less 1.13 a year. For Gaia XI, we were able to have a funding of 20 years, This is very important because the largest it is, the more we get calm here in the company. Our return of the investments is what sustains the growth, this consistency of the long term. When we see this investment of BRL 1 billion, we have this investment and the capture of the value that comes after. There is this temporary difference, but we believe that we are already past this point of our curve. Always performing investments with returns above cost of capital, which is a negotiable condition for us. When we analyze where do we see the cash that funds Irani, we look at the re-IPO. We raised BRL 382 million to fund the primary emission here with the re-IPO. We increased our debt, by BRL 30 million. The biggest engine for funding the company was our own free cash generation. We generated almost BRL 1.5 billion of free cash flow. We're already deducting the maintenance CapEx, interest. It's free cash generation, and that's where we've been selling our paper. This is our biggest funding engine for the company. What's the allocation strategy for all of this capital? Well, BRL 1.215 billion, a vision of growth, with a company that's always searching for ways to grow, as well as distributing BRL 945 million in dividends and buying back shares. Compensating our shareholders. This is the materialization of the strategy we mentioned, right? We talk about the capacity to grow without giving up on compensating our shareholders. Finally, I want to bring a point here of the main companies. The 500 main companies, and we wanted to understand who were the champions, right? We can always consider the U.S. as an inspiration, but we need to look at who were the champions, right? Let me first of all define what is this concept, right? The concept of the champion companies above the average in the sector in a 10-year window with consistency, right? There's no point in giving back returns, who's been delivering with consistency during a 10-year window. We'll reach a very select group, which are the champions, while the average, it was 10% per year for shareholders. The champion companies had double this, 20% per year of returns. Where did this return come from? Part of this comes from cash flows, part of it comes from an expansion of multiples. What really sustains this return is you have to grow the fundamentals, right? The company needs to deliver these solid fundamentals and this multiple expansion, without the company actually delivering these fundamentals. When we look at the total return of these companies, 41% has come from organic growth. That's guided by an actual demand, a real demand. For Irani, this is called the Neos Platform. Thank you very much. Now I want to invite all of the directors to join us here so that we can go through the Q&A session, and you can all share your questions, and we'll be here to answer, as well as who's with us by home online. You can also send your questions. Just a second. Bring chairs for everyone. All right, great. Now we're going to have about half an hour of Q&A, and so we can clarify any questions or outstanding points. People are quite excited, it seems. Then we'll have lunch as well. That's going to be served here for whoever's in person. Let's go. Edgar, I think we need a microphone here. For everyone's online on YouTube, you can also send your questions. We've already received a few, and you can send them as well. Good morning, everyone. Thank you for the event. Congratulations. Great presentation here, and it's awesome to see this new growth phase. Because up until now, it was more about the efficiency than the actual growth as presented. I wanted to focus on the actual growth of the company. The first point makes it really clear that there was a shift in strategy with a bigger focus on packaging, especially, which is in fact the segment we've seen as what has most performed in this supply chain for paper and pulp. What I want to understand is considering the changes in the project versus what it was before, it seems you guys are going to rely a little more on third-party inputs and raw materials. Correct me if I'm wrong, but I want to go deeper into this point. First, with the expansion of the paper machine, you'll probably have a production surplus that's greater for paper in the market. With both packaging machines, you'll probably have a greater integration of this paper. These are two big packaging plants. Before you come in with the new paper machine, you're probably going to rely on market providers for paper. What's your strategy in this scenario? You're going to be exposed to inputs where you're going to have to go to market. How do you perceive this? Is this market available? Where are you going to buy the paper from, and so on? When you have the paper machine at the last phase of Neos, maybe you're going to rely a little more on the scraps, by what I understand. This is a machine with recycled paper, you stop having the production of virgin fiber and pulp. I wanted to know what's your guys' mindset on risk mitigation and to guarantee this supply for inputs. The second point maybe here is, it seems you get into a more aggressive process. Your estimates for growth in the market don't seem aggressive with the market growing With packages that are close to GDP, you're gaining a very representative share. In the past, you then had this strategy of a value over volume, trying to guarantee the price pass-through, and sometimes giving up on market share. What will be the strategy up ahead to gain market share? Maybe one last point, André, maybe is wouldn't you consider this, or how do you see opportunities in the capital market to lead this growth? Possibly have a capital increase or follow on increasing liquidity, helping the company to grow. We know it seems to fit into the balance sheet without compromising the company's leverage. Wouldn't this maybe be a trade-off that could make sense, improve liquidity, and improve the premium of multiples, et cetera? These are the three points I wanted to hear from you about. Okay, great. I took note of four. First of all, on the balance for paper. Our strategy is conscious of maybe being a little shorter on paper. We're going to have an additional packaging plant, which is 3 and 4. At this moment, we're going to have to buy more paper to supply these plants. Until we have the arrival of the new machine at the end of the cycle. Why did we follow this path? In all of the studies we performed, we can see that there was a really big expansion of paper for packaging players, especially in Brazil, in the last few years. The boom that took place in the pandemic, where companies were doing really well, ended up generating a series of investments with capacity expansion of paper for packaging. At this moment today, we notice that there is a surplus in the supply of paper for packaging. You see players placing or closing recycled paper machines to be able to allocate their virgin fiber paper production in corrugated cardboard packaging. Part of these factories of recycled paper that are hibernating, this is an excessive amount of paper for packaging. If you look at the amount of paper that was added into the production, it's a lot. Either by big players or smaller players. That gives us the confidence and the courage to see that we won't have a problem with the supply of paper during that period until we have the arrival of our recycled machine. Our strategy is always to be integrated. We want to have the paper and make the packaging. Circumstantially, we don't see any risks or difficulties in buying third-party paper To then be able to perform the integration at the end. Our focus is really having this shift in strategy, looking at the market, right? This is our strategy now, to grow. We have 4% market share. We're going to double into 8%. We want to grow into 8%, the focus is less about the internal integration and more about the achievement in the market. Our guidance is to really conquer the market. That's what we're going to move towards, right? Taking on the risk of being temporarily short with paper. We already have this new solution up ahead, which is this new machine, right? That's our strategy. Why is there this change, right? This is a lot of studying going on capital allocation. The CapEx to have forests, waiting for the forests to be ready in 15 years, then investing in a paper and pulp plant, accessing virgin fiber to be able to have paper for packaging is a huge CapEx that gets in the way of the internal rate of return on invested capital. In our understanding, we've seen a lot of players have already performed this investment, and we can concentrate, and we can conquer the packaging market buying circumstantial paper, right? Since the CapEx is lower, we can optimize this rate of return. What's most important here is our mind is geared towards return on capital. We want to deliver returns on capital to shareholders. This sometimes makes us shift strategies so that we can achieve this objective. Also, how to gain the market share, how we're going to go from 4% to 8%. This was a little bit of what Lindomar mentioned in his presentation. Our strategy is a little bit different than the strategy used by other players in the market. We don't sell price. We don't sell quantity or scale. We sell intelligence. We sell innovation and solutions for packaging. Basically, that's why Lindomar and Henrique mentioned the customer focus. We have the conditions to be there with our customers and develop packaging that they see opportunities in the market for, or so that they can improve their productive processes, and we can help them to reduce costs, improve efficiency of that package. We have time, intelligence, and the conditions. Sometimes because they're too big, and they head towards price. Others are a lot smaller, and they don't have the price or conditions to deliver this innovation, right? We kind of occupy space in this competitive framework that we don't think any other company is really doing very well, and we're always going to be. We may not be the main ones if customers are searching for price, but if they're searching for technology and innovation, they would mandatorily have to have Irani in their portfolio. It's a competitive strategy, and this is how we're going to search for those 8%. We don't consider a follow-on in our base projection, right? André showed that the company generates a lot of free cash flow, right? This is the engine that guides our investment. Yes, we're going to fund with the correct facilities to be able to leverage and potentialize the right returns. An issuance of equity and shares would have to really do the math, right? If this is going to cost the dilution of the current shareholders, where there's a value transfer from the current shareholders to the new shareholders, or where the discount that must be given won't justify the return on investments that these resources would make feasible, then there's no reason why to do this, right? The follow-on only makes sense if we have alignment, right, of all the factors, and we can accelerate the investments without delivering value from the current shareholders in some way. We are not very excited about the follow-on, but we need to. It's always going to be a tool we have. This is a privilege, right? That no. This is not the base scenario. Well, this is Marcella from BTG. I have two questions here on my side. I think this event really sets the scene for the company, maybe one first question looking backwards and another one looking forward. First, thinking about one of the points André mentioned, which is part of the returns of the Gaia project are still going to appear in some of the numbers. When you look back on everything you've delivered in the last few years, I wanted to hear your observations about what you think worked well and what could maybe have been reviewed. I think you guys delivered everything on time and on budget, but it would be great to hear from you guys on how you monitor this. Also when it comes to the security with the returns in the past, the market has a lot more comfort also to be able to model this in the future. When we look at this from a more market-oriented perspective, you demonstrated a graph on the growth of demand, and that was really interesting. When it comes to growth, what Irani plans to occupy is about 25% of the growth in the market. I want to understand a little bit about this strategy. I think you guys mentioned a little bit of the supply and demand for papers and how you're managing this. If there's any risks also of another company placing capacity or having a dispute for market share. I wanted to hear, getting this perspective as well. Well, Gaia, lessons learned from Gaia, for the Gaia Platform. The lessons learned and the terminology, the typical terminology we use here, once the project's done, you close the project and you have to look into lessons learned, what worked, what didn't work, what can we repeat or what needs to be adjusted for the next one, right? This is, in each project we work on the lessons learned. What we can say about Gaia is that we delivered all of the projects on time and on the budget. I'm reminding you, this was an inflationary period right after the pandemic. There was a lack of equipment, lack of people. Nidamar Ayheyki worked on this carefully to be able to meet the deadlines that were set. But the execution was very good and everything worked well. The lesson learned was that we need to really have the skills to take on investment projects that are even greater than Gaia, right? Because we have a governance structure that's set up to be able to have excellent CapEx management. Since it's very capital intensive, we need to manage this really well. The negative point here and opportunity for improvements is that while you have part of the Gaia returns that we still haven't captured, and especially if you consider the flexible paper projects. We expanded flexible paper, the production capacity for this paper, but we still haven't been able to find the expected demand. It's not about really reading the market. At the time, what we had decided, I think we didn't really have this vision about this oversupply in the market as we see today. I think there's a market issue there that's keeping us from capturing the total returns we expected. We imagine that this is going to be solved, but it's actually connected to another point I presented before on the super supply of paper production. I think everyone invested together, and now we have this oversupply, right? I'm just going to add on to this a bit here, Odivan, whenever you have an oversupply in paper, as we see now, you look at the cycle, and historically, the paper factories that were least competitive over time have problems and close down. No doubt this return that was not captured yet due to this cycle with an increase in production will be captured up ahead, right? Because the factories at this moment, they will end up closing in the next few years. We've seen this happen, and it's going to happen again. Second part of your question about capturing the packaging market. For corrugated cardboard, which is the graph we marked there. We have the demand, and we believe it's more than this. When it comes to demand, we don't see big issues additionally in regards to this. I don't know if that was the point, but I think it's also about the point you mentioned with a lot of people investing in the paper sector, and how that got in the way of the supply-demand versus what you expected. When you analyze the growth of the market and future market share gains, I wanted to understand how you see new capacity or new skills from competitors, and how the supply-demand balance end up for corrugated cardboard. From corrugated cardboard, we know other players would invest. I think we're not the only ones looking at the numbers. You also have investment decisions that are going to happen to be able to capture this in the market. The point here is we have with our strategy, as I mentioned before, which is a different strategy where we want to be working with proximity innovation services, and we can have the safety with capturing most of that growth at the 25% total growth. We have no questions about our capacity to compete. This is not a commodity market. It's a market of engineering. Each project is an engineering project. A few days ago, I was visiting a customer with Lindomar in Paraná. We were consider all of the exports of beef for the Middle East, you had the war come out, and they weren't able to load that, which was already stored in the boxes. They had to send this to other markets, it's not the same box. They're not going to take the beef or the pork that was in a box packaged in writing in Arab to China or another market, for example. Packaging is all about engineering. It's a unique product for that specific item and for that specific market. It's really engineered and planned accordingly. That's something that requires a lot of intelligence to be able to increase the efficiency of this package. You can add more products into a container and a truck. This engineering work is what we're good at, and that's our strong point. This strategy requires a lot of energy, a lot of time, proximity, possibilities of exchange with customers. We don't see this among our competitors in the overall market. The bigger competitors are focused on price and volume, and it's all right. Each customer will have three or four box suppliers in their list of suppliers to have the confidence and even more than one supplier to understand the levels of price. Maybe one has a problem, they can transfer that to someone else. We know Irani will always have relevant space in the wallet share of our customers with a strategy that is not about price, it's about intelligence. The price strategy will lead to who's skilled at that. It's all good. Lindomar, do you want to add on? I agree with you. Companies are going to invest, and you're really going to have a dispute for market share, and the market's going to get involved as well. Our life would be a lot easier to double our market share. We really believe in how we do business. This is our differential, and we insist on this. The market has a huge potential for growth. There's a lot of sectors and segments we don't even operate in yet. I showed you an example of the beef production sector, and in the southeast, you have a huge volume still. You have fruits, the pharmaceutical sector, and a lot more. Together with this strong, aggressive R&D initiative, we'll be able to generate a lot more new business opportunities. When we step into a customer site, we really want to search for this with a whole window of opportunities so we can do things differently. This is our challenge, and this is what we believe in. Hey, guys. This is Rafael from Citibank. Thanks for taking my question. Getting back to capital allocation, we had an expectation on an increase of the payment of dividends, maybe this will change a bit of my perception, but I want to understand two things. One is about the Gaia XII project. Maybe it's still a little early, but what would be the investment pace in the next years, and how would this impact dividends in the short term? When we look at this from a more extensive perspective in the next 9 or 10 years, considering all of the CapEx that will be allocated, how do you see this balance between CapEx and dividends? How should we accommodate these two initiatives? One last point. One thing that called my attention was there was a shift in scope of the Neos Platform project. Within this scope change, in your view, what really changed to make this difference in Irani? What would make your vision change again or bring in these investments? I want to hear from you guys about this a little bit. I can start answering. The thing is, we don't disclose guidance, and because of CVM, we can't even get into the details on guidance. What I can say is that we don't have any intention in changing the policy because it's super well-structured, the financial policy of the company and dividends. Since we have all of our planning to keep leverage below 2.5 times throughout the cycle of execution, the policy already expects that we should continue to pay 50% payout of net income when it comes to dividends. It's a super important part, and we're not going to give up on this, right? We want to grow while we also pay dividends, right? This is what we've already done throughout our history in the re-IPO, and this is the strategy we believe we're champions at. This is the first part of the question, the second one is about the shift in scope. The scope change is the discipline on capital allocation. When we considered that expansion of the virgin fiber, the virgin fiber papers are at a surplus, right? There's an oversupply and the CapEx is really high. Investing in land, waiting for 15 years. The 15-year period in a forest in a country that's one of the biggest interest rates in the world destroys the rate of return calculation. It's more about capital allocation discipline. We see there's a market that's growing consistently, which is the corrugated cardboard market. We don't need virgin fiber to make this. Today, our boxes are with using recycled materials, and you have recycled materials that are just as good as virgin fiber. We're going to see this in Minas. There's no reason why we can abide in a market because there's a surplus, right? When we have to build our own, we can have this recycled. There's no point in having this, right? Virgin fiber paper. You would have to have a high added-value paper, right? There's no point in having virgin fiber, right? You would have to add this into the packages with more added value, right? We know that there are players that use a lot of virgin fiber in corrugated cardboard here in Brazil. It's all good, if they understand that's the right thing to be done. In our view, we have a more strategic view because we're really focused on return on investment. When we look at this, we say, "It's better to move in this direction here." It was recycled, right? That's why we kind of froze a bit of the virgin fiber project. Discipline on capital allocation and returns on invested capital. Hi, guys. Thanks for this. This is Marília here from Itaú, I think we have two points that are not necessarily correlated, just to go back on the scraps point you mentioned. Just from the moment where you can increase this, we really discussed the risk of availability. We want to understand if this concerns you or not, or if this would already be established or solved with the investments you're already performing. I think you guys really have a really important role in understanding the market, and this is something that you kind of already covered, which is the Middle East, and the last few months with the geopolitical tensions. We want to understand. How you've been considering this, to understand the panorama, and demand, especially when you look at this exports. If you're more focused on the operational aspects, ramping up the machines, thinking about scraps a bit, just to understand your mindset on this a bit. By what I understood, there are two questions that are kind of separate. One is about the availability of scraps. We have scraps to expand capacity of Machine Seven, then machine eight, which is the machine at the end of the cycle. Yes, our understanding is that we do have these scraps and the economy will be stimulated more and more, right? Brazil already recycles a lot of paper. We believe that the market-- You don't see investments in recycled paper. There's a trend for greater availability over time, right? Even the growth in the market generates more waste and more scraps that need to be recycled. That's always a critical item. That's not something that we're that concerned about. Now, about the Middle East, after I'll let, and he could talk about this, but when it comes to packaging, yeah, sure. There was no impact up until now, on some of the sectors we operate in, with poultry and pork, et cetera. When you talk about the exports, in poultry, there was an increase in the freight costs, new markets coming in, and part of this production was also intended for the internal market. When we talk about poultry, which is the main product that's going to be sent to these countries that are affected, we didn't notice any impacts. Actually, there's some co-ops that even had an increase in production, but no impacts. Okay, perfect. I'm going to read a question that came from the participants online. A question from Lucas at XP. Congratulations on the event. What's the main advantage of focusing on recycled fiber versus virgin fibers in the change of the Neos Platform? How do you view the structural difficulty with the scraps? Because I think I answered this question already in the other points, but let us know if you still have any outstanding questions, or you can send it by email. The second one is, what changed in the virgin fiber market or scraps market in this context of a shift in the scope of the Neos Platform? I think I also mentioned this as well, but it's our vision about the high availability of virgin fiber paper and the returns to be able to implement such a big CapEx to produce paper that has so much availability in the market, and that for corrugated cardboard, you don't need to have virgin fiber. It could be recycled. A return rate that is just as good or even better than investments in virgin fiber, considering that the CapEx is a lot smaller. That, of course, is in a context of Brazil with high interest rates. The hurdle rate that we mentioned is like, what's the cutoff line, right, to make products feasible, right? It's as high as the higher cost of funding, right? In a country with high interest rates, the hurdle rate goes up. There's a bunch of projects that are under because they don't cover the TIR of this cost of capital. This is related to the CapEx size, which is the case of the investments in virgin fiber that require very high CapEx, the TIR is always under our hurdle rate, and that's why we adjusted our plan to be able to work on projects that can give shareholders returns. We want to continue to deliver the levels of returns in the next 10 or 20 years, just as we've delivered in the past 20 years, ever since the re-IPO. Irani has been dedicating resources to technological aspects and thinking about growth. What's the company strategy to help employees keep up with this evolution, right? This was the key factor, right? It's one of our main challenges. I think with all of the changes going on around the world with AI and new technologies, we need our employees to keep up with this evolution. This has been the priority topic in all of our meetings, the people development, right? As a company with all of these characteristics that we went through today, we don't want to abandon people. We feel that, Fabiano's here, he's the Director of People, Strategy and Management, they take care of people, technologies with him as well. Fabiano, you can add on as well. What we're very careful about, and we have been feeling this a lot, is we have to not require from people that they need to understand AI or deliver things with AI because we notice that they need help. We must help people to understand how AI works and understand how this is impacting the market. For a company like ours, aware of the social responsibility with our employees, we're one of the best companies to work in. Right? We're among the 50- ish, in my view, we're going to be close to those 50 greatest or the 50 best. It's our responsibility, right? To bring these people into this new context. It's not easy. It's very challenging, and one of the biggest challenges companies are having today. Maybe Fabiano can add on to this. I think this disruptive change, everyone's watching this, a lot of technology's coming that impact significantly the market and how we work. We notice that more and more people are going to have to be people and tech, right? They're going to have to be very connected, and this is the biggest challenge we have. This leads us to this new moment, this new means of work. We're working on boot camps and we have labs to be able to test technology, of course, we're discussing a lot of why. Why we want this technology, how it can help us in line with our purpose and ambitions. We also have our Industry 4.0 journey. A lot is already going on as improvements in efficiency, productivity, automation. Now we have the humanoids and other technologies as well. We understand that soon we're going to have to test them as well. It's important that the people that are going to make this feasible can really get on board, because technology is not here to substitute. It could be an important potential for the human skills. This is how we've been looking at this topic. Okay, great. Lucas has another one about if there's any possibility for bonuses, so we can consider the distributive dividends considering the taxation above BRL 50,000. Because we haven't studied this yet. We can take a look at it, but we have no answer yet because we didn't get into this. We have some more questions, but after we can move to the closing. I don't have who asked for it, but in the Gaia XII planning, you've been funding the BNDES with long-term rates. Is there a possibility to issue shares? It includes a capital structure that fits into the balance sheet. When it comes to the funding of Gaia XII, since it's going to be communicated to the market as it happens, right? With the agreements in the Mercosur and European Union, do you imagine any possibilities for expanding market share? Packaging has an optimized radius, and we don't export packaging for corrugated cardboard. It's exported together with our customers. Our customers export this, and the packaging goes together. Yes, it expands the market. With the market opening, of course, this becomes a favorable wind. Not for direct exports, but indirect, right? In Brazil we sell corrugated cardboard because it's the sixth biggest market in the world. There's no point in leaving Brazil if right in our backyard we have such a big volume and such a big market. From a paper perspective, do you want to talk about anything? From paper it doesn't change much because what we export is virgin fiber paper. It's already exported today without having the Mercosur and Europe agreement. It doesn't really change much, but it can even favor us in the supply of future paper for the packaging plans, depending on how much the rates are at in the future. It could favor us more than get in the way. Okay, perfect. Last two questions. First, on the policy for dividends with the new investments coming in the next few years, do you plan to change the company's policy, and if so, what would these changes be? No. I think André explained this really well. We don't have any plan to change the policy for dividend distribution. What we're going to do is try to phase this out and provide a better pace for the execution of these investments that can fit into our policy. We don't plan on changing anything. The last is the biggest change in strategic guidance. The current moment reflects less of the sporadic walk. What's the strategy to not destroy value? I think we already covered this a bit, but all of our projects to be approved must They have to reach a hurdle, right? A return rate above the cost of capital. I explained this, when we analyze historically the return rates of the company. It goes through a moment where you perform all of the cash payout for the investments and where, first of all, you perform the investments, that comes into the invested capital base, so you can capture returns. You have this rate makes the curve, and in our view, we've already gone through this inflection point with the magnitude of these investments in regards to Gaia. Since that's already been pretty high. As we presented, which is cash flow. All right. We had some leftover questions that we're going to answer by email because we won't have time to answer all of them live. If your question was not answered, don't worry. We'll write you back by email. With this, guys, we are headed to the end of our event. I just wanted to leave a final message here. First, I want to thank the team that's been working at this event, the guys in the organization with our production. At Irani Papel e Embalagem, we have the marketing teams, HR, producing all of this material, and with the accounting team, sustainability. We had some friends that were with us ever since the beginning in 2006, the first decarbonization inventory. We've also had our sustainability team doing some fantastic work over time, the team that produced the IFRS report as well. It's something new. Everyone's learning in Brazil. Thank you so much. Our governance teams that helped with this construction, requiring that things be done with the best quality. Thank you for your support. With this, I think we can end here. For the guys online, thank you so much for your participation. For the guys that are watching in on Sunday, Saturday at night, we're sure a lot of people are going to watch the event recording. I want to thank you all for participating and thank you for watching, and we hope you enjoyed everything. Thank you so much for your participation. If you're here in person, you're invited to come and join us for lunch. Thank you all so much for your participation, and feel free to hop in. You can clarify any points. We'll be very happy if we can count on your support as well.