[Non-English content] To our earnings call for the third quarter of 2026. We are here with the management. We also have the IR team. We are going to start off with the presentation of the results of this quarter. After, we will have time for questions and proposals. This is an earnings call for webinar where all participants have their mics and videos. [Non-English content] You can also submit questions. [Non-English content] Sorry about that. We had some background music. I think now that is solved. We are also providing simultaneous translation into English, and you can select this option. We also have some sign language. The webinar is going to be provided and recorded on both languages on the company's IR website. Once again, I want to thank you all so much and welcome to the earnings call for the third quarter. [Non-English content] The third quarter was very good. We delivered very interesting results. We closed the quarter with a net revenue of BRL 456 million. The adjusted EBITDA, BRL 151.9 million. Adjusted EBITDA, BRL 151.9 million. Net income of BRL 56 million and a free cash flow of 18.1% in the year. [Non-English content] When we compare the quarters, when it comes to net revenue in the third quarter, we had BRL 456.3 million, which was 5.3% above the third quarter of last year, and 5.7% above the second quarter this year. When it comes to the EBITDA for the ongoing operation, we still have the adjustment of the operations we discontinued last year, the Resinas, and we still have an ongoing and discontinued operations that we are going to be presenting. But the discontinued operations have a very small effect, so the difference between one and the other are almost irrelevant. But we must present this in both formats. In the ongoing operations, which is what most interests us, we delivered an EBITDA of BRL 151.9 million. That was 3.9% above the BRL 146 million, and 15.5% above the second quarter this year. I want to highlight the level of the EBITDA margin. It was a quarter where the EBITDA margin was above 33%, as we had already seen in the third quarter last year, which places us among one of the companies in the sector of paper packaging with one of the healthiest EBITDA levels in the local Brazilian market, but also in the global market. In the ongoing operation, discontinued operation, the EBITDA in the third quarter is staying at 4.7% above the third quarter last year, BRL 154.2 million, and 15.5% above the second quarter. It is the same number. When we look at the net income, in the ongoing operation on the left side, we also have the ongoing and discontinued operation. In the continued operation, our net income closed at BRL 56.5 million, which is 34.3% above the net income in the same quarter last year, BRL 42 million. We had BRL 30.9 million, and it was also above in the third quarter compared to the second quarter. I think an important point is that in the third quarter, we had BRL 39 million, and that is the net income from the operation without the biological assets, which is kind of in line with what we had last year. But we had BRL 16 million of variations of the fair value of biologicals, which is a little lower, but still higher than what we achieved in the third quarter last year. The net income in the third quarter was very good, BRL 56 million, coming from the operation, which we have been supporting and sustaining at a healthy level, but also gathering our biological assets. In the ongoing and discontinued operations, basically the same situation. The numbers change a bit, but then you have BRL 56 million against BRL 41.1 million. You can see it does not change much in regards to the ongoing operation. And the effects are the same in regards to the operation and the biological assets. Then when we look at the packaging sector segment, which is our segment for corrugated cardboard, when we look at this segment, which is most of our revenue, you have the Empapel, which is the entity that discloses the numbers in this sector, has been showing that the sector has a slight move backwards in regards to the quarter of 2025, though it is practically stable. In regards to the third quarter of last year, and an increase of 4% in regards to the second quarter this year. In square meters, we also have pretty much the same effect, stable, and an increase of. This is market data disclosed by Empapel. On the other hand, we were able to have very good performance, exceptional performance when it comes to volume. We grew 11.5% in the third quarter of 2026 compared to 2025, and 8.3% in regards to the second quarter of 2026. When we look at this from square meters, it was 13.5% year-over-year. [Non-English content] This was a major evolution at 7.3. We resumed our search for expanding volumes. There was a period where we were prioritizing margins more, but now our operation is super stable and our sales teams are really prepared. We've conducted a lot of work in R&D for the packaging, which allowed us to evolve when it comes to volume, so that we could really fill in our capacities. We have both of the packaging plants without detriment to the price. It's a lot more related to the pay. We have a little more of sheets here, but we were able to have an increase in volume that was really significant, with a quality in the margins. In regards to the second quarter, we've also had stability. When we look at the price in square meters, it's a little higher, and you have an increase of 0.6 in regards compared to the second quarter. Now, with the paper for packaging segment, we have a big production of paper, and most of this is transferred to our packages. The Abras sold markets, so the part where we sell to the market, we had a reduction of 5.2 in regards to the second quarter of 2025, because we reduced the hard corrugated cardboard packaging. We had more of an internal transfer, and we actually sold a little less in regards to volumes. In the flexible packaging, we sold 4% more than the second quarter. Actually here, it's the total amount, right? So we sold a little more from 2025 to 2026, and it dropped a little bit. There was a slight reduction in regards to the third quarter of 2025, but production has been very good. We've been ramping up with machine five, and we've been reaching all-time high, all-time records with the production of the brand and the global results, right? So when you look at the average pricing for packaging, for bags, for those who are not very familiar with this, flexible packaging for bags and for retail, paper packs for bakeries or the kraft bags we also produce, and the rigid or stiff paper, which is what we call containerboard, and that's what we produce for boxes, cardboard boxes. So, in flexible packaging, we had an increase of 2.4% in price in realized per ton, and 1.8 in regards to the second quarter, we were able to have the adjustment pricing in some lines. In the rigid paper, it's more like this relationship with the scrap prices, so there was a drop of 3%. Pretty stable though, in regards to the second quarter of this year. The scraps, which is an input that we're exposed to and that impacts our results significantly. We had Anguti, which is the entity that collects and discloses prices to the market. They decided that in the third quarter of 2026, scraps were 8.9% below and 9.7% above in the second quarter of 2026. In our case, we monitor this, right? But we've reduced the price of the scraps by 8.5%, and we also had an increase of 8.6, right? This is the main input. I think now the main issue is how this is going to be from now on. We've been facing stability in the pricing, and at least when you consider a short-term horizon, there's going to be more stability in the price of the scraps. Heading to the financials, we can see our capital structure and our debt. We ended the quarter with 1.98 net debt EBITDA, which is a ratio of 1.89. During the third quarter, we also expanded liquidity, and the prices extended our debts and reduced costs. We paid certain debts, and we were able to refund and restrengthen our cash. We have a net debt of BRL 992 million. I want to highlight that the drop in the net debt, which is below BRL 1 million, a very robust cash position, which is already prepared for the we already have the cash, the payout, the debenture that's going to mature in August, BRL 486 million. We have a cash flow that's really smooth and really balanced, considering our liquidity capacity. We've done all of this because of the scenarios that we're designing in the third quarter, and we didn't know how the elections would end up, and how things would be fine. The fact is that now the company's really prepared and ready to take on the next years. The average cost of debt was 12.9% per year, and that's our debt as a whole, the BRL 2.4 billion-BRL 2.5 billion has a cost that's lower than CDI on average. You have operations that are a little higher, others that are a little cheaper. On average, we can have the cost of debt that is lower than the interest from the treasury. When it comes to currency, our debt is currently in local currency, and only 1% in foreign currency, which is the ACCs that we have, just a hedge and each precise management of the currency variation. We're a company where the functional currency is the real, and so we don't want to have FX on our income statement, because that, of course, affects dividends and predictability in the management of our cash, and also, of course, for our shareholders. Another topic we're bringing in that is new, disclosed in details in our financial statements, but we're changing the way we calculate our ROIC. Our ROIC, we always used our gross debt to calculate it. Due to the effect of this major fundraising initiative in the third quarter, we sat down to reassess this. Since we have a high cash of BRL 1.5 billion, then we understood that this was affecting our ROIC inadequately, because the company's cash position was not invested in the company. The company's cash is a financial strategy or liquidity strategy that is invested in the financial market, right? It's not allocated in brands, equipment, plants that generate cash, right? So we studied this, we benchmarked, and we understood that the correct method would be to use the net debt to calculate the ROIC. The net debt is what establishes the invested capital, net equity, and construction or projects that are underway that have to be excluded that haven't generated cash yet. Then we can really calculate the flat operational cost, and we can compare this cash generation with the invested capital. We are changing the methodology to have the cash balance, and this BRL 1.5 billion that we have in the third quarter is not applied or not invested in the operation. You see the average cost of the debt is below the CDI level. It will not impact the operation of the company, and it must be excluded. That is how we discovered this recommendation, right? We adjusted this, and that is why we are bringing both of these accounts. In the third quarter, we had a ROIC of 8.8 using the net debt EBITDA. A lot of companies also use this methodology. If we had kept the methodology before, it would be a ROIC of 12.5, which would give us a wrong number for assessment capacity, because invested capital would not be the 2.030 that we have, because it is a gross debt at the 1.048. Our ROIC ended up at 18.8, and so remember the third quarter would be You could see the evolution, even when you compare, and our ROIC evolved, actually, in regards to the second quarter this year. We have other details also in the financial statement, comments, and notes. If anyone has any further questions, you can also schedule a more in-depth conversation with our IR team and financial team. When you look at this new ROIC methodology, we closed at 18.5, and we have an average cost of debt, which is 8.5, deducting the income tax, and that allows anyone to calculate the WACC. We use our own cost of capital, and the 18.8 is above the WACC. Using the cost of capital, each one has their own cost of capital. We can do your math, and we will give you the numbers and formulas so that you can look at this and understand if the company is compensating this adequately, right? With everything we have been doing in our calculations, we have been navigating with a pretty good WACC, and that is even more than enough to overcome the WACC, even in this period with a higher interest rate. That ends up bringing in additional challenges, though the lower level of debt would add value, even more value to shareholders. Even in a more complex period with high interest, we have been able to compensate for our shareholders. We have distributed BRL 0.40 in the last 12 months, which adds up to BRL 92 million accrued, a dividend yield of 4.8%. In regards to the third quarter of 2026, we have 0.061, the minimum that is mandatory, the 25%. I want to remind you that our dividend policy is that we distribute the legal minimum every quarter. In the fourth quarter, we distribute the mandatory minimum, and then the general shareholders' meeting considers the distribution of an additional 25% if leverage is below 2.5 x, which is what has been going on in the last years and what would also impact this, right? Because leverage is below two. At the end of the day, the end of the year, we disclose the earnings for the full year, and the 25% additional amount is approved at the general shareholders' meeting of 2027 related to the year of 2026. Here we have the investments. We have the investments concluded for the Gaia Platform. Actually, just want to remind you that there are 12 projects. From these 12 projects, seven have already been concluded, adding up to BRL 974 million of investments that were already made. We have these five that are still underway, the two PCHs. We have 26% of the project already executed. We will have the additional energy generation. Then the printing also, which we already see 90% of the progress, considering the performance curve. Machine five also. Gaia XII, which is the main investment underway today, BRL 514 million, which is in the production plant in Minas Gerais. It should be finished by the fourth quarter of 2029. When it comes to investments that are relevant, we have Gaia XII that we are working on the execution for. Then we have the Neos platform, and Neos, we have not approved any projects for yet. All of this is intending to define the projects that we should be performing first. Neos has two packaging plants and a new paper machine, right? We are working on engineering and also looking at market conditions to be able to assess if we have been working with this return rate for each of the projects above the cost of capital. When you look at this from a market perspective, engineering perspectives, and also with the feasibility studies. Then the buyback program, we performed 870,000 shares, which adds up to 1,756,000 shares related to 50% of the project. It is going to go on sale for another 18 months, and that is when it should be finishing. We will consider that when the value of the shares are not reflecting the intrinsic value of the company, it is also a way for us to optimize and maximize returns for shareholders with the buyback program. We see there is a potential to have a higher TIR, and we should also have some buyback operations as well. I think that is it. Some highlights here. I think the company, besides the economic and financial results, has other perspectives as well. It is important that we do well and please, so we are happy to see it be among the 50 best companies in Brazil from a Great Place to Work, GPTW. That is people that make things happen, right? These are people on our teams, and we are among the 50 best companies in Brazil. People are here, they are happy, they are happy to work here, and they recognize us as a healthy place, and that is what we want, right? We work with people that are trained and prepared and happy, and that is how we can achieve results as we have done now. Also in the 11th position in the São Paulo ranking of the best companies to work in the state of São Paulo. We are the 11th company in the state of São Paulo, so that is the Rio Grande do Sul. We were in the fourth position, and we are now waiting for the results of the ranking in Santa Catarina to see where we were left in the state's ranking. Then we also have the Transparency Trophy. As you've been seeing this, we're always searching for transparency in the information, and we've been working tirelessly to improve our financial negotiations and make them easier to understand, and that's something that's really valuable. For the sixth consecutive year, we won the recognition for transparency. The group of specialists that assess the financial statements, and there's net revenue up to BRL 5 million. Then we were also really happy to be in the first place in Papel e Celulose for the best and biggest by EXAME. We were really happy about this because the sector has really good companies as well. We can see Irani in first place, and that really made us happy. The second place in the Valor Inovação Brasil Award from the sector. We can see that that's something we've been evolving a lot with, and we've been dedicating capital, and we should be a more innovative company so we can service our customers more and more, and they're the ones that really help the company. We hope our customers always prefer us and see the increase in the volume of packaging, and that was great because we were really able to have an adequate approach, preserve margins, and all of that was reflected in the economic results. This would not be possible without innovation and really having customer preference, right? We've been dedicating a lot of time and energy, so that we can grow more. Everyone is here on our photo. This is our IR team, and feel free to hop in if you want to clarify any things or answer any questions. I want to invite everyone to also visit our social media pages. We have great content being produced, and what's paper for packaging, flexible packaging, productive processes. Just a few weeks ago, they also published some interesting videos. The more you understand what Irani is doing, the better it'll be for us because it can be a lot easier for us to explain what's going on day-to-day. So, feel free to speak with any of us. Now we're going to move on with the session here for Q&A. I'll stop sharing. We'll also see this here. Now you can see all of the directors that are present here on the webinar. Now we're going to move on with our Q&A, and we're going to move on with Rafael Araújo from Itaú. How's it going, Rafael? Hi, guys. Good morning. Can you hear? Yeah. Well, first of all, congrats on the results. Two questions on my side. First about now, when you consider the cost of capital, how have you guys considered the decision for investments of timing? Is Gaia still a main alternative, regardless of macro conditions and scenario? Or do you guys think that there are other ways to allocate capital that could be better? My second question here is about prices. When you look at the price dynamic, you can see scraps went up a lot in the third quarter versus corrugated cardboard, and we've seen this in the past. I wanted to see how you're imagining this equation ahead, if there's any possible space for an increase of corrugated cardboard in the beginning of next year. Thanks, guys. Well, I'm going to answer the first part, and then I'll pass it on to Lindomar. Lindomar, to talk about the prices, but about nows. [Non-English content] We can't ignore the scenario or the interest rates, because when you're conducting the company, you have to analyze the cost of capital and the return rates, and just do what generates value to shareholders. Considering a return rate that's maybe, yes, the interest impacts this decision. I think one of the main variables that we look at, and our objective is to have a return rate that's above the cost of capital. Maybe Brazil needs to be a little stronger, and we need to have our capacity to engineer projects, right? Searching for TIR alternatives and ways to find these returns, right? That's an additional challenge, right, due to our level of interest. We have one of the highest interest rates in the world, and that pressures the engineering team. We have to use a lot of intelligence to really look at these projects that can really consider our cost of capital. That, of course, establishes some leverage limits. That way we can continue to distribute the 50% dividends. That, of course, sets limitations. Who knows, if the market's doing really well, we could even discuss. We can consider, what we can see is, that's most valuable is our own cash generation, right? That's going to be a very robust cash generation, right? That'll help us deleverage quickly and really create space for these investments. That's kind of our mindset, right, Rafael? We think about, we have to really take care of this pace, so we don't leverage the company above what we should. We understand what would be like the optimal structure, so we can have a return on capital, and we don't want to leverage too much. I think at the moment, we can see how our policy for financial management is really certain, right? Our level of leverage, it's controlled. Our level of liquidity, that's very robust. Our extended debt profile. All of this could even limit a little bit of our growth, but it really preserves the company's value in a very robust manner. We've been seeing this in real time. Our financial management policy is really taking place in the right way, at a moment where Brazil's going through a peak in interest rates. I'll leave this up to Lindomar, as he's our packaging director, and he can answer. [Non-English content] We've already planned a movement or a trend from the first semester, and be very objective. Yes, there is space, and we've organized this. Okay, that's great. Now we're going to pass the floor on to Paula from Citi. How's it going? [Non-English content] Hi, guys. How's it going? Thanks for taking my questions, and congrats on the results. Excellent. Just following up on the last question, and on the sustainable packaging. We saw a significant growth compared to the industry, and you guys have been able to evolve market share. My question is, if this continues in the fourth quarter, and if you also see space for robust growth for market share and volume, and if you guys have any market intelligence coloring or information on this demand, and packaging food and animal proteins, et cetera, for the fourth quarter and beginning of 2027. Lindomar? Okay, Paula. That was excellent performance for the end in the third quarter, and I think that's mainly due to the work the commercial team has been performing ever since the beginning of the year. We need to reinforce the responsible work to prospect volumes without destroying value. When you consider the growth of volumes, that's the impact. We've also recovered volume. When you consider the growth of the team, the market kind of went sideways, and we should have growth that's a lot higher than the second quarter. We have very positive perspectives that the work we're doing to optimize our capacity in the packaging operations continues actually in the fourth quarter, and we have a very positive perspective to begin the year as well with our capacity. What was the other question you had? In regards to the demand and the strong points of this demand in the sector, especially for animal protein and food, the demand is still strong. You've been accompanying this. We had a slight problem in the state of Santa Catarina. Our packaging was really concentrated in the west area and the North of Paraná. These regions were not impacted. You guys can hear me, right? Yeah, we can hear you. All right. There's been significant growth also in the exports to Japan. In the state of Santa Catarina, where we had this small issue, this was all redirected to the internal market, though we had no difficulties to apply this into the market here. You've seen that the beef sector has had a bigger difficulty with slaughtering. In the last years, there's a lot of female animals that were being slaughtered, but that really facilitates this process, including the chicken for the internal market. I hope I answered you. Yeah, that's clear. Thank you, and congrats on your results again. All right. Thank you, Paula. Now we're going to pass it on to Marcelo from BTG. Hi, guys. How's it going? I think my question is really in line with the first question by Rafael here. Maybe not looking at now, but looking at Gaia XII and a bit of the outlook for next year. As Odivan mentioned, we still have this macro trend of interest extended for longer, and then considering the projections in the company, next year we should have a CapEx that's pretty high, maybe just below the peak in 2021 and 2022. But I wanted to know what the view is for next year and if there's any perspectives on this, or maybe even a postponing of this investment, considering this scenario, right? If in some way this macro environment that's more challenging could impact the demand, although we know that your guys' performance is going to be a lot more resilient than the average. How's it going, Marcelo? We're not going to postpone investments. You can be sure of that. It's already underway, and we're going to deliver that. But of course, the funding is BNDES, so the interest rates for the funding are not exposed to the Selic interest rate directly. We should end the next month with this funding, and that shouldn't be very different than what we had planned initially. Secondly, the return rate for this project is good. It's still brownfield, and it's still considered in the Gaia facts, so we're expanding the paper production almost 60%, and we're optimizing the entire production plant. So, we use this paper internally, but of course, it's more paper. We may even have a little bit of a leftover to be sold in the market, right? But the return rate is very good, because it fits in with the Gaia concept. So, finally, in the macro environment, there's one variable that could benefit this. If you import this, there's an adjustment which can be done through the currency, though a higher currency helps our sector, and it's favorable. Although we do export only 10%, what's most important is our customers, right? Our customers are exporters, and for them, it's going to be a positive scenario, higher currency, and the real is a little weaker. For the overall sector in packaging as well. Here in Brazil, we have manufacturers of paper. do export a lot. So with a stronger dollar and a weaker real, we'll have a favorable environment for paper exports, and that's going to have a positive impact, right, for our business. So the more challenging environment, and we're exposed to the food sector, recurring revenues, and protein here in Brazil, for example, you have these comparative advantages, and it's a worldwide player that's really relevant. The dollar is also favorable for this dynamic, so the risk is what we've already faced, and we mitigate this considering through low leverage, really good rating to access cheap capital. We would be able to navigate through this scenario of higher interest. [Non-English content] That is very clear. Thank you, Odivan. [Non-English content] Thank you, Marcelo. We have one other person that raised their hand. I think it is Fatima. How is it going? I do not know if we lost connection with her, but we have Rafael Araújo from Itaú. He raised his hand once again. Rafael, did you have something else to ask? Hi, guys. Just if I could hop in with one last one. Yes, sure. Even with the peak in the scraps, we saw the COGS dropped a lot in the quarter, especially helped by the dilution of fixed costs. I wanted to understand the trajectory for this cost. We can get a little more color in regards to the COGS. [Non-English content] The reading we have at the moment is stability, right? Of course, we cannot define the future, but what we do read as a dynamic for demand and supply and demand in the market and among suppliers is a stability expectation from this horizon. All right. Thank you. Thank you, guys. Any other last questions? Well, now we have questions that were submitted in writing. [Non-English content] Gabriel Zendron, da XP. We had Gabriel Zendron from XP. He had two questions. He is asking if we could talk about the strong performance for volumes and corrugated cardboard throughout the third quarter of 2026, and if there would be any upside in the volumes ahead. I think that was the same question that had already been made before by another analyst. I think it was Paulo, if I am not mistaken. I think we can move on to the next question. Second question is, well, about the scraps prices. How have you been imagining the market up ahead, thinking about the stronger demand context and rates? I think that is related to the question Rafael had, and we have an expectation for stability. I am going to move on to the questions from Matheus. He said, "Good afternoon, and congrats on the results. Three questions on my side. First, how much of the share gain came from new clients with lower prices, and what is the incremental margins for this volume?" Okay, Lindomar. we are going to talk about the price issues, but what I can say is that when we look at the numbers that Odivan showed us, we had very strong growth in the corrugated cardboard sector. When you assess the price drops, there was a drop that was very small, and that demonstrates the consistency of the work we have done, adding volumes without destroying value. The slight drop was just because of the sales mix between boxes and sheets, and not necessarily a reduction in price. All right. Moving on to the second question, about the flexible paper packaging that was promised in the second quarter. Has that come through? In corrugated cardboard, is there an adjusted expectation? Well, I think Henrique could answer that part. Yes, it did in the second quarter, and we had a bit left that was just finishing in the third quarter. When you look at the mix, it is always the internal market and the external market together. In the internal market, we did pass along the prices, and that is already finished now in the third quarter. [Non-English content] That was stabilized at a higher level, so there is a need, and we already started working on this so that from the beginning of the year, we can recover the pricing. Okay, perfect. The third question about Gaia XI. How much of the margin gains that were expected were already captured? Why is there equipment that was for 2028? We do not disclose the margin for project, but the machine has had a performance that is above expectation, so I have results that are better than the project had originally. When we were finishing this, it is actually the same before. We just intended to place it up ahead, but it did not make sense to do this right now at the shutdown because it would take longer. In 2028, we closed one of the boilers, and that is when we closed machine five. This part of taking this up ahead, that would improve the operational performance a little bit more. We decided to do in 2028, right? It was just like a technical adjustment. We did this when we were finishing the startup and machine, and so the project is completed, and it is just a small operational adjustment, basically. Great. I think all of the questions were answered now. Thank you all so much. Thanks, guys. Have a nice day, and we will see you all in the webinar regarding the fourth quarter and year 2026. Okay, thank you, guys. Bye. Take care.