Audio, you can press the globe icon on the lower right side of your Zoom screen, and then choose to enter the Portuguese room. After that, select Mute Original Audio. Before proceeding, please be aware that any forward-looking statements are based on the beliefs and assumptions of Suzano's management, and information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to future events, and therefore, depend on circumstances that may or may not occur in the future. You should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Suzano, and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the conference over to Mr. Beto Abreu. Please, you may begin your conference. Thank you. Hello, everyone. Very happy to be here interacting with all of you now as part of the Suzano's team. I really would like to thank all of you to attending the call. I will start here the presentation, and my first slide will be highlighting to you a couple of important achievements and movements related to our strategic avenues and implementation of our strategy. As you can see here, we made investment in two assets. The first one was in Lenzing, in Austria. A good moment to understand and to test the market in Europe. Here, we are talking about the textile market, and the other movement was in Pactiv, in U.S., on the packaging business. A lso, important movement to understand the market. The team here personally like the movements that we are doing. I think a few things it's important to share with you. The first one, it's a important movement with no impact in our balance sheet, but huge opportunity to understand those geographies and those markets. It's like we are testing the water on those geographies and markets. The other one is how able we are to implement and to use all the knowledge that we have on those kind of operation to extract value, and of course, are also markets and segments that we can scale in the future. T hat's those things that we'd like to share here. In the case of Lenzing, small acquisition, which sits on the board, an enormous opportunity to understand the business, and with a call for the future if we decide to execute. In the case of Pactiv, also, business with 420 tons of capacity in the paperboard business. Also, a fair price to test the market, understand the environment, and start planning other movements in the future. T hat's the kind of movement that, again, we understand are the right one that was in our pipeline, and since last year, we are bringing now. We should have the closing the last quarter of this year. The other highlight that I also would like to share with you is the Cerrado Project. All of you are familiar with. I would say that this is a unique milestone of the company that will bring us to even a stronger position in terms of relevance in the pulp market, and also competitive advantage in terms of cost. This is something that is a mantra for us, that we will always keep in our agenda. It's keeping our relevance in the pulp market, and also keep working very hard every day on the cash cost to keep our level of competitiveness against other competitors. W e can see this in the next slide, some of the highlights related to the results. One of the things that we are very glad to show is the level of cash costs against in this quarter. This is something that we're going to keep working very hard to keep and to even use further levers to keep reducing this in the future. The other one is, of course, the EBITDA. We see a number of BRL 6.3 billion that shows the resilience of our business, and I think an important point to highlight here is that, as we can see, we start deleveraging the company, even not taking all the opportunities that Cerrado will bring for us in the future. T he company is already deleveraging before we have Cerrado operating and bringing the extra volume that we have. A lot of good news here in Q2 in our view related to those figures. We're going to go through most of those information here with the team, and also we're going to go deeper on the Cerrado Projects. L et me hand over to the team now to go on the details, starting with Fábio, and then I will go back to you. Thank you, Beto, and good morning, everyone. Please, let's turn to the next page on the presentation. On the Q2, we had a solid performance, supported by better market conditions domestically and abroad, albeit challenged in international logistics. On the domestic markets, according to Ibá, print and write demand increased 12% in the first two months of Q2 on a year-over-year basis. Growth occurred in both uncoated and coated paper grades. Demand benefits from the election cycle tailwind, which will take place at the end of the year. Demand for paperboard increased by a strong 14% during the first two months of the quarter, compared to the same period from last year. The significant growth was primarily driven by increased packaging consumption from the food and beverage and pharmaceutical sectors. We have also seen the end of the destocking process that had impact on previous quarters. On international markets, demand in the quarter was healthy in North America, Latin America, and other markets we serve. Prices were slightly up in dollar terms, supported by higher pulp prices in our markets, coupled by higher container freight rates and lower logistics cycle in most international routes. Looking now to Suzano's figures, our sales volume in the quarter were 3% higher year-over-year, and almost 6% above Q1 performance, pushed by higher sales volumes into the domestic market. Our export volumes in the quarters have been impacted by difficulties with vessels delays and port permissions, hampered by port congestions in most container terminals in Brazil. The average net price growth over Q1 was led by implementation of previously announced price increase in the external market in favorable FX. On a year-over-year comparison, the price decline was given by the abnormal price levels witnessed in H1 of 2023. Looking at the EBITDA performance, the 14% increase quarter-over-quarter was driven by higher top line and lower costs in the period, also benefiting EBITDA per ton. When compared to the Q2 2023, the EBITDA dropped 15%, led by lower prices in both the domestic international markets, despite higher sales volume. Looking ahead, we expect better demand for print and writing and carton board in the domestic market when compared with the H1 of the year, favored by seasonality. The upcoming elections in Brazil should keep playing a role for higher demand in Q3, mainly for coated paper. Rising costs continue to push paper produced globally, and new price increases have been announced in most regions. It's also worth mentioning that a strong dollar over BRL raised the prices on imported papers in the domestic market, while providing better price in local currency for our exports. As disclosed on the earnings release, in the Q3, the annual maintenance downtime will take place on the Suzano and Limeira mills. We expect our cash costs in the coming quarters, ex downtimes, to remain stable when compared to the past quarter. Now, I will turn over to Leo, who will present in our pulp business results. Thanks, Fábio, and good morning, everyone. Please, moving to the next slide of our presentation, I would like to begin by sharing some facts related to this past quarter. Market dynamics were quite strong in North America and Europe, where paper production and pulp demand were healthier compared to a low 2023 level, and pulp inventories were still below historic volumes. In China, paper and ivory board production has been solid since the beginning of the year, with a 4% growth year- to- date, benefited by paper exports, which posted a 16% growth in the same period. Also in China, similar to other regions, pulp inventories have been trending below normalized levels throughout the chain. Despite that, paper producers' margins, and again in China, which kept getting squeezed as the quarter evolved, and a pricing sentiment coming from the new supply on the horizon, made paper buyers reduce the rhythm of their pulp purchases since April, and most importantly, by the end of the quarter. We have navigated Q2 by focusing on positioning our products in Europe and North America, as stated previously, to comply with our pulp supply agreements and our customers' needs, and also on an operational push to reduce our order backlogs to other markets like Asia, Middle East, and Africa, improving our delivery schedules to our customers in these regions. This dynamic resulted in a strong invoicing during the quarter, keeping our inventories at low levels, very similar to the end of Q1 of 2024. Even with the invoicing push, our order backlogs were only recovered to normalized levels by the end of July. This quarter was also marked by the conversion of our previously announced price increases into the P&L, which resulted in an average export price of $701 per ton, 12% higher than that of Q1 of the year. The combination of higher prices, favorable FX, solid volumes, and a good cost performance made us achieve an EBITDA of BRL 5.5 billion, a 60% EBITDA margin. Now, looking forward, I would like to highlight the following points. First of all, we are extremely excited with the start-up of our Cerrado Project of our brand new Ribas mill. As per our production and operational plan, our contracts and volume agreements have taken into consideration a ramp-up of sales by year-end, time when we expect the bulk of our new pulp supply to start arriving in the major markets. For H2 of 2024, we forecast healthy demand in all regions. As Q3 begins, North America and Europe continue to post solid paper productions, and pulp inventories have still not recovered to historic normalized levels. In China, paper production should continue at a positive trend, especially as of September, due to a stronger market seasonality. As usual, tissue and packaging producers should increase their productions even further in preparation for the 11 November shopping gala. We also expect that paper and board exports should continue to post favorable figures during the next months, consequently, helping producers' operating rates. As per our checks on the ground in China, pulp inventories across the chain continue below balanced levels. V ery important, taking into consideration the effect of a lower order entry in Q2, we expect that pulp inventories in Chinese ports or/ and in the hands of our paper customers or paper producers and traders in this market, should continue remaining below normalized levels during the next months. Despite all this positive market fundamentals, which I have mentioned regarding Q2, and also expected for Q3, in order to reestablish an active market in the region, we have repositioned our prices in H2 of July, and consequently, order intake has rebounded since then. It seems very clear that we have entered in an environment of lower pulp prices, and at Suzano, we are prepared to timely navigate this cycle. Additionally, I would like to confirm that we are determined to keep our inventories at the current low levels with absolutely no major increase to the set points during this cycle. As already stated in previous occasions, at Suzano, we manage our business not by an average cost and margins of our assets portfolio, but on a very detailed event-basis analysis. As such, and as Bacci can later explore during our Q&A, our financial team will continuously analyze the returns of our marginal production costs at different price levels of this new cycle. In case returns are inappropriate, production should be adjusted accordingly, impacting our volume availability and our commercial strategy. With that said, I would now like to invite Aires to address with you the cash cost performance during the quarter. Thank you, Leo. Good morning, everyone. We are in slide seven. Looking at the cash performance quarter-over-quarter, w e face a negative impact on the wood supply mix due to a higher average from forest- to- mill distance, close to 200 km, and a higher share of third-party wood, around 35%. On the positive side, we achieved a better efficiency in the harvesting activities, which mitigated the pressure. Additionally, while the BRL depreciation is beneficial for the company since it increased the EBITDA, it does take a toll on the cash cost level, as some chemicals are dollar-linked. Issue on chemicals, the cost decline was mostly driven by a lower energy consumption and a lower price for natural gas, caustic soda and lime. The BRL 828 per ton level in the Q2 came pretty much in line with our budget. Looking ahead to Q3, we anticipated a low single-digit increase due to a likely higher FX and Cerrado's start-up. By year-end, assuming no weather-related input costs issues, we foresee cash cost performance improving with the new Ribas operation mill. Moving to the following slides about Cerrado. A few weeks ago, we were able to deliver on time and on budget, the largest single- line pulp mill in the world after hopefully three years of execution. The physical and financial progress along the way were frankly disclosed to you all, and with the same transparency, we share what we expect ahead on the learning curve phase. As you can also see on the slide, there is still BRL 2.4 billion CapEx to be disbursed from the total of BRL 22.2 billion with the mill already running. I take this opportunity to share that the Ribas is running as we speak at 4,000 tons of pulp per day, being fully in line with target for August. Now I hand you over to Bacci. Thank you, Aires. Moving to the next page, I'd like to highlight that we are taking the opportunities that the market is providing to us to keep strengthening our balance sheet. In terms of leverage, as mentioned by Beto in the beginning, the peak leverage related to the Cerrado Project is behind us, and we are starting the leveraging process that will likely continue in the coming months. We are now at 3.2x net debt to EBITDA, with a flat net debt at $12 billion. In terms of our amortization schedule, we took advantage of the curve in Brazil to issue domestic notes and improve the quality of our portfolio by increasing the tenors and reducing the rates. We are constantly looking at the other alternatives to keep improving this profile with transactions below the bond curve. On the following page, I'd like to highlight our discipline in terms of capital allocation. We have been going through four consecutive share repurchase programs in which we bought already 93 million shares. We are approaching the end of this fourth program, where we still have about 7 million shares still to be bought. We have decided this morning to launch a fifth share buyback program with another 40 million shares to be bought over the next 18 months. We will cancel 40 million shares of the current program. W ith that, we have been, over the last three years, returning to our shareholders between dividends, interest on equity, and the share repurchases, more than BRL 10 billion. With that, I will turn back to Beto. Thank you, Marcelo. In the last slide, we have a few takeaways, but I would like to reinforce a few of them. The first one is related to operating performance here. Solid results and operating in a very good way, what is under our control is the best way, in our view, to make sure that we can keep delivering despite the scenarios that we might face in the future. This is what's under control, and this is where we're going to keep putting a lot of focus. The other one, it's related to the Cerrado Project. I think Aires already talked a lot about the project, but what I want to highlight here is how capable this team is to deliver very challenging tasks. I would like to invite you not only for the Suzano Investor Day by end of the year, but also to visit the site, is the only thing to really understand what was implemented. The other thing that I also would like to highlight is what Marcelo Bacci just presented, which is related to our discipline, related to capital allocation, and the focus that we will always have on maximizing the long-term returns. With that, I will appreciate if we move for the Q&A. Thank you very much. We will now begin the Q&A session for investors and analysts. If you wish to ask a question, please press the button, Raise Hand. If your question has already been answered, you can leave the queue by clicking on Put Hand Down. Our first question comes from Daniel Sasson with Itaú BBA. You can open your microphone. Hello, everyone. Good morning. Thank you so much for taking my questions. My first question is on pulp prices. I know that you cannot discuss forward-looking statements in regards to your expectations to what's going to be the price for pulp prices. I f you could help us think about it by telling us what's your view on current demand from China at the current price levels. P rices have declined by more than $100 per ton over the past couple of weeks. Was that enough to bring buyers back to the negotiating table? T hinking differently, are your customers able to skip purchases, waiting for prices to decline more o r maybe they do not have enough inventories or they have only normalized level of inventories and not excess levels of inventories, and therefore, at some point, they will have to go back to the negotiating table and restart purchasing volumes. M y second question is related to capital allocation. If you could explain what the Pactiv acquisition brings to the table in terms of your strategy to go further downstream, if there is room to test fiber- to- fiber substitution with some products in the U.S. A long the same lines, talking a little bit about Lenzing, the integrated dissolving plus viscose seems the way to go in this industry. If you could comment on if growing to dissolving is an option that you're studying, eventually converting one of your plants into dissolving production, that would be great. Thank you so much for taking my questions. Hi, Daniel, this is Leo here. Thank you for your questions related to pulp prices. I will start with maybe the mid part of your question when you ask if our customers are able to skip one more month. I, personally, believe that the answer is no, because as I mentioned, they have been reducing orders or order intakes in the perspective of suppliers since April. W e see public information related to pulp inventories at ports, and we have our market intel of pulp inventories in the hands of the customers, and we believe they are below normalized levels. A s September starts, a big seasonality period of the year with higher production levels, I believe it's important that they recover purchases. T hat was our big objective when we announced a couple of days or a week ago, this big adjustment in price levels, in order to get customers back to the table. O ur objective is how could we get the market into activity again? T hat's why we made such a big move positioning our prices in a correct proportion to softwood prices and also getting closer to local, Chinese producers RMB prices as well. T his was the main intention of our movement which I believe was successful. As of the day that we made the announcement, several customers in different segments of the market and of different sizes have become active or interested in buying pulp again from us. I wouldn't say that order intake has fully recovered. I would say that at the first moment in July, order intake was roughly at a 50% level, but I believe that market confidence will keep getting better and better as we speak, and then we're going to see them purchasing back to their normalized rates. We believe that the decision of increasing orders above their normalized rates in that movement, that's usually usual when they feel that prices are low so that they can restock, is quite difficult to give a set point at this cycle because it's so different than previous cycles. F irst, we are coming from low inventories on the chain. Second, unexpected closures are still having a big effect because we have a carryover of the volumes of announcements of permanent closures in previous quarters affecting availability as we speak. Third, we have obviously the start-up of Cerrado and our competitor in China, but ramp-up curves are always uncertain. When we add up and factor all this uncertainties, it's quite hard to predict when this will trigger additional demand for pulp, especially because, as we all know, there's a big part of the Chinese industry, which is the integrated pulp and paper producers, which have a higher cash cost, I believe quite close to the $600 set point, and that should also start buying pulp once this level is broken. A lot of variables to be following. We will actively be monitoring and acting accordingly. Thank you so much. Daniel, this is Marcelo speaking. I will answer the Lenzing part and start the active answer, heading over to Fabio after that. On the Lenzing deal, we see that the same phenomenon that has been happening in other products in terms of fiber substitution will also take place on the textile market. I t's actually already happening, with increasing participation of short fiber replacing long fiber. In addition to that, we see a big potential for the increase of demand of the fiber-based products in replacement of the chemical products based on fossil material. T hat's the reason why we decided to position Suzano in that sector. Being a sector that we have no experience with, we thought it would be wise to establish our position with a minority stake in a leading company in the sector that is positioned very well throughout the chain, with the production of pulp and also the final products, including very specific and high-end products that Lenzing has because of its R&D capabilities. W e are starting with a 15% participation, two seats on the board, having the ability to increase our participation to 30%, being the largest shareholder of the company over the next years if we decide to do so. The plan is to learn about that market with the leading company that Lenzing is. We don't have any immediate plans of any conversion of our facilities into dissolving pulp. That can be a potential development or greenfields or other things, but everything that we are going to do in this market will be done through the participation we have with Lenzing. T hat's the plan. We are waiting for the regulatory approvals to start participating in the decisions of the company, and the intention is to learn about a new market that potentially can be very relevant for us in the future. When it comes to the assets in the U.S., in Pine Bluff and Waynesville, I think from the capital allocation point of view, what we saw there was a very well-positioned, asset in terms of its commercial presence, with a very strong presence in a segment of the market, which is, due to continue to grow. With industrial assets that are not best in class, but has a lot of potential, and we believe that we can work, building on what's already been done over the years in that asset, to position it on a very good place in terms of the cash cost curve. A lso, will inherit a team of 850 people that are very knowledgeable about the operations and about that market. T he combination of the assets, the market position, and being in a region that has a lot of potential for growth gave us the confidence to go with that transaction. I'll move to Fábio to comment on the fiber- to- fiber opportunity. Daniel, thank you for your question. As you may know, today, the portfolio that these two mills are producing are pretty much targeting the liquid packaging segment, in which they are market leaders for the fresh liquid package segment. These products are built today using softwood fiber. You need softwood fiber for that type of product, although they use a little bit of hardwood. Softwood is abundant and also very cost competitive in the region, in the state of Arkansas. Hardwood, on the other hand, is not that cost competitive. A lthough we did not base our move on a fiber to fiber, only fiber to fiber could be moving forward a benefit for us when we start discussing additional products f or the product portfolio, and also production increases at the mill. Perfect. Thank you, Bacci, Leo, and Fabio. Our next question comes from Jon Brandt with HSBC. Hi, good morning. Thanks for taking my questions. Leo, I had a follow-up on the pulp market question. Europe and the U.S., as you indicated, is strong. Prices are a little bit better there. I'm wondering how much of your volumes you can shift away from China towards those regions. I s that something you're actively doing, or are you maxed out with the mix there? I'm assuming, if prices get worse, you're prepared to take some production downtime like you did last year? I realize you're not going to q uantify at what price you would do that. A t current spot levels, is that something that you're actively doing, or do we need to see much lower prices for you to start taking production downtime? M y second question, just on the capital allocation and your portfolio, there's been a lot of discussion in the past about needing to make the packaging and tissue segments relevant. Tissue, I think for obvious reasons, it's going to be hard to grow outside the areas that you are now, and will struggle to become relevant within your portfolio. I'm wondering, what are the plans with the tissue segments maybe more medium term? O n the packaging side, obviously there are plans to grow that both organically and inorganically. W here's the level that we need to see? T he packaging segment, do you envision that being 25% of EBITDA, 50% of EBITDA? How should we think about that going forward? Bacci, maybe just a quick one. On the share buyback, you said you're canceling the 40 million shares, but if I'm not wrong, you've bought more than the 40 million shares in the current program. I'm just wondering, all of the shares, w hy aren't you canceling all of them? Thanks, guys. Jon, this is Leo here. I'm going to start with the first part of your questions, which is how much volumes we could eventually move to Europe and North America, hence the strong market, solid markets, and even more solid in the tissue segment in this region. I'm going to try to limit my answer in terms of what I can disclose without affecting our commercial strategy, as this is quite sensitive to it. I n these markets, we usually sell based on contracts, a nd despite our contracts, as I had mentioned in my opening speech, had already foreseen for the latest part of 2024 and 2025 with Cerrado, a ramp up in the volumes, so our negotiations with customers already foresee this increase. In the short term, very little space of movement that we can do. Obviously, contracts allow for a small variation, but it's a minor variation compared to the size of the volumes that Suzano has. O ur objective in terms of what I mentioned during the Q1 call and also now was to how to reposition our volumes in these markets, to supply or to attend the customers' already contractual volumes with us. I'm not foreseeing any bigger volumes or spot volumes in these markets that would allow us to move additional tons out of other markets and into the U.S. or to Europe as well. You also asked regarding our decisions in terms of production or eventually curtailing that, and as this is a financial decision at Suzano, I'm going to hand it over to Bacci to answer that. Okay? Y eah. In terms of the decision about production and sales, we have this methodology of always looking at the marginal cost and the marginal price. W e will decide on the volumes that we will produce in each individual plants, taking into consideration the industrial balance of the plants, and also how profitable the marginal production is according to the marginal allocation to clients. This is the methodology that we've been using over the last years, trying to maximize the value of each of our assets. Jon, this is Beto here. Just going through your capital allocation question regarding tissue and packaging. Let me start with tissue. This is not a focus with us in terms of investment. We have different ways to keep working very well- positioned in terms of tissue, which is the contract that we have for many customers around the globe. O ur job here is to keep servicing those customers with the level of quality that we do it today. T his is related to pulp. On the other hand, packaging, considering opportunities to differentiate ourselves and to scale the business, this is, yes, a stream and is a segment that we'd like to grow, and as you said, organically or inorganically. W e're going to keep looking for both opportunities. In terms of a share of the packaging businesses in our, let's say, total EBITDA, I have to say to you that I'm not going to share this kind of information. A nyway, what is important here is that those movements will give us the right level of return and maximize value in the long term. W e are really looking for creating value here, and not necessarily reach a specific level of percentage of our EBITDA in the whole business. Thank you, Jon. Our next question comes from Marcio Farid with Goldman Sachs. You can open your microphone. Morning, everyone. Thanks for the opportunity here. A couple of follow-ups here on my side as well. Bacci you just laid out the strategy for when and how you think about production potential adjustments, and obviously sales as well. If I remember well, last year around May, prices touched low levels. You've announced a 4%, around 400,000 tons, production cut. A gain, prices were at $450 back then. When yo u look at sales for the last 12 months, running at 10.2 million tons, it still feels like you are still 600,000 tons below where you could have been. T hat's despite the fact that prices in China were $750 up to May, at least, $840, $850, in Europe on a net price as well, which is quite high. I think consensus agree it's above long-term prices, I should say. T rying to understand here, does that mean you have marginal tons that's around the price levels that you saw over the last couple of quarters? A ny mills or assets that have a t least temporary fiber availability that you're saving for the future? A t the price levels that we saw, at least over the last six to nine months, I would have expected Suzano to be a t full capacity. S econd question, Beto, I think you've taken office just a month ago, but a lot has happened. A lot of discussions around potential IP deal, Lenzing, Pactiv, Cerrado start-up, pulp prices are just lower now. Obviously, a lot going on, and it feels like you agree with the strategy today. I t seems like there's going to be a continuation at the company versus the former administration as well. J ust thinking about where we are and going forward, trying to understand from your side, in terms of strategy, is there anything else that you you'd focus more, you'd like to add, you'd like to change or switch gears to one side or to other, versus where we were, let's say, six months ago? A lso, I think you are very successful, at least talking with investor in delivering the right pricing strategy on your former company. J ust trying to understand how your past experience can be applied here to Suzano to generate value as well. Thanks, everyone. Thanks, Marcio. This is Marcelo speaking. Let me just come back to last question that John asked, but because we didn't answer that yet. The share buyback, we are canceling all the shares we're buying. This is a 40 million shares program that we are approaching the end, and we are canceling 40 million. We are just leaving as outstanding shares in Treasury the shares we need for our incentive programs, which is a small amount. M arcio, in terms of your question about production, fir st, we don't give guidance or information on our actual production, but if you look at what happened in the last 12 months, this is a reflection of the decision we took one year ago of reducing by 4%. W hat you see is the realization of the strategy that was announced back then. We don't have today, if you look at the prices, of the last quarter, of course, we don't have any marginal production that would not be profitable at that price. Yo u have to understand that we cannot adjust every day the production level. What we're doing today reflects the decision that we took a while ago. Farid, thank you for the question. Let me start with the strategy. You are completely right. This is a company with, I would say, a very robust business platform, not replicable, by the way, and our plan here is really to continue the strategy, and not only based it on moving forward the streams in the downstream, but we cannot forget keeping our relevance in the pulp market and our competitiveness as well. T his is something that is clear. I know that we talk a lot about M&A and inorganic growth, but the other, let's say, pillar of the strategy, which is keeping the scale, the relevance, and the competitiveness that we have in the pulp market for us, is also very important. You also asked about the pricing strategy. I see, honestly, pricing as our capability to have enough facts, data, and to treat the data from different, let's say, source in the market. It is exactly what the team have been doing here, using technology, using algorithms to improve our awareness, our level of knowledge to keep, let's say, improving our pricing system. I think we are exactly on this journey, and I really support the way that we are doing, the way that we are improving the pricing. Not only the strategy, but also the way that we, we use the tactic that depend on the moment, and of course, using our size sometimes to help us taking the decision. Great. T hanks a lot, Beto. Our next question comes from Caio Ribeiro with Bank of America. You can open your microphone. Thanks, and good morning, everyone. M y first question, going back to capital allocation. Over the past months, we've seen the company announcing a few smaller M&A transactions, like the ones that have been talked on the call, Lenzing stake acquisition, Pactiv Evergreen, following the company's decision to not proceed with what would be a relatively much larger transaction in the containerboard market. I know the company continues to be vocal about internationalization, diversification into the downstream with complementary products. I f you could give us some more color on whether it's more likely that you would proceed in the same direction wi th these smaller transactions, like the two recently announced ones, which ultimately lead to immaterial impacts on the balance sheet from a leverage standpoint, or whether you would still be looking to evaluate larger, transformational acquisitions, that would be helpful. S econdly, the company is generating ex-growth CapEx, free cash flow yield, which on an annualized basis is quite robust, a nd at comparable prices, c ould increase even more once Cerrado is fully ramped up, and you capture the benefits of the cash cost reduction there on a consolidated basis. You've already announced a new buyback program, b ut could you look to boost dividends as well, especially if large M&A transactions don't materialize? C ould you look to adopt a dividend formula pegged to free cash flow generation ahead to provide more visibility on potential dividend distributions based on that cash generation? Those are my questions. Thank you. Thank you, Caio. This is Beto. Let me start, and then I'll hand over here to Marcelo to cover all the other points. Related to the capital allocation, you mentioned a lot of, let's say, deals that we are trying to make in the recent. W hen you look to the future, I think we have to concentrate ourselves, and what is really important for us is looking for assets that, again, we can have the right scale, considering the size of the company. We can differentiate ourselves, we can put all the knowledge that we have on those assets. Fiber to fiber is always a huge opportunity that we're going to keep looking. We cannot disclose more than that regarding size and any kind of potential deals that we might have in the future. T his is a sensitive, let's say, issue, and we have to keep working here, again, with the level of discipline that this company has in its track record, implementing projects that generate, create value, and that is what we're going to keep doing when we talk about capital allocation. A s Marcelo said in his presentation, we always have the opportunity also to invest in ourselves through the buyback programs when this is the best, let's say, allocation for our capital. T hat's it, Caio. Let me hand over to Marcelo to cover the other points. W e are having, and probably have in the future, a very robust free cash flow that will be dedicated to first reduce our indebtedness a little bit to bring us back into the range of 2x-3x net debt that we want to keep over time. O n capital allocation, we'll keep following the framework that we disclosed to the market a few months ago. We will decide based on the best potential returns, and that includes the buybacks, the dividends, the potential projects for growth, M&A, or organic. W e will be following on a very disciplined way that framework. We just announced another buyback program. We could boost dividends, if that's the case. I t happened two years ago when we had a very high return over the year in terms of cash, and we decided to pay more dividends. F or the time being, the preference will be given for the share buybacks, given the fact that we believe that the current share price is not a good reflection of the true value of the company. We do have a minimum dividend formula pegged to cash flow generation, and we are not considering changing the dividend policy at this time. That's fair enough. Thank you very much. Our next question comes from Rafael Barcellos with Bradesco BBI. You can open your microphone. G ood morning, and thanks for taking my question. I have a question to Beto. Beto, you officially joined Suzano in early July. F irstly, I think this is your first conference call at Suzano, so welcome, and, of course, we wish you good luck. M y question here is really to understand what were your first conclusions? Of course, Suzano has delivered good results and improved a lot in several areas over the past few years, but in which areas you understand that the company has to maintain a focus on, and, of course, can still improve in the coming years? M y second question is about cost. It would be interesting to understand how we are seeing costs evolving now in H2 of the year, and of course, how the Cerrado Project will affect the cost now in the coming quarters. Thanks. Thank you, Rafael. Thank you for your question. Firstly, I have to say that, as all of you know, I found here extremely well-managed company with amazing track record in terms of delivery. I'm very glad to see the focus on the execution, the focus on operation, and the focus on cost. W e have a culture of performing, and this is not something easy to replicate, this is not something easy to find. It's completely part of the culture of the team, a nd this is very powerful for any kind of business. We also have a very large talent pool with multi skills and with the right strategy, and with the level of business platform that we have. Also, this is a very strong combination in my view. T his is again what we found. I also would like to mention, this is something else, which is the level of reliability of our facilities. I had the opportunity to manage facility in other industries, as you know, in the sugar cane business, and really, what we have here in terms of reliability is really outstanding. I t's benchmark, and it's very difficult to find in different industry. T his is the overview of the business. L ooking for the future, as you know, the role that we have is really looking all the time about future, about people, about strategy, and about capital allocation. W ith the great team that we have here, those are the areas that we're going to keep focused, that we're going to keep looking for new levers to keep improving, our competitive position, to keep improving this outstanding way to operate our facilities, and also, to keep taking the best decision in how allocate the extra cash and the current cash that this resilient business are able to generate. T his is my comment here. Anything else? Cerrado Project, I will hand over here to Aires. In terms of cash cost, we are foreseeing at Q3, a little single-digit increase in our cash costs. The main reason for this is that the FX will be probably increased in this quarter. With the startup of Cerrado, our third- party supply woods will increase in the Q3. The share of this, together with FX and a risk of hurricane seasons in Mexico, w e see this possibility of increasing the cash cost. F or Q4, probably after the ramp up of Cerrado, when we start to have another surplus with 78% of nominal capacity, p robably the share of volume also had in our total volume. We foresee our best performance in terms of cash cost in Q4 and for next year. We foresee a stability and some decrease with new projects and the stability of the new plant will bring to the cash cost. Super clear. Our next question comes from Eugênia Ceballos with Morgan Stanley. You can open your microphone. Eugênia, can you hear us? I believe Eugênia is having some problems. We're going to go to the next question from Igor Guedes with Genial. You can open your microphone. Sir, can you hear us? Hello. Good morning, everyone. Thank you for taking my questions. I would like to understand why in your cash flow table you put a working capital variation line and include capitalized loan costs in that line. Generally, there is a separation of the variation of in working capital with debt payment flow, such as borrowing and disbursement. The way you do it, I found it difficult to separate what was debt flow and what was actually variation in working capital due to difference in current balance sheet accounts. If you can tell me why do you separate in that order, I would appreciate it. Thank you. Thank you, Igor. This is Marcelo speaking. This is a very technical item, but the capitalized interest is related to the CapEx related to the Cerrado Project execution. That has to be, according to the accounting rules, capitalized during the execution, the construction phase. A s this number is not appearing on the CapEx side, we have to adjust it on the statement of the cash flows. I f you want more details on that, our investor relations team will be happy to help you reconcile the numbers. Okay. Thank you very much. The Q&A session is over. We would like to hand the floor back to Mr. Beto Abreu for his final remarks. Yeah. I would like to thank you for being here with us on the call today, and for your interest in Suzano. As always, our IR team remains available for any additional question you may have, and I wish you a great day. Thank you very much. The Suzano S.A. Q2 of 2024 conference call is concluded. The Investor Relations Department is available to answer further questions you may have. Thank you.