Good morning everyone, and welcome to Empresas Copec second quarter 2026 results conference call. Today's presentation and the second quarter 2026 earnings release are available on the company's investor relations website, investor.empresascopec.cl. Before we begin, I would like to remind you that this presentation may include market outlooks and forward-looking statements, which are based on the beliefs and assumptions of Empresas Copec's management, and on information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to the future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Empresas Copec and could cause results to differ materially from those expressed in such a forward-looking statement. This presentation contains certain performance measures that have been adjusted with respect to IFRS definitions such as EBITDA. In this opportunity, questions will be received in written form. If you have a question, please write it down in the Q&A section. Please be aware that your company's name should be visible for your questions to be taken. I will now turn the call over to Mr. Rodrigo Huidobro, Chief Financial Officer of Empresas Copec. Please go ahead, sir. Hello everyone, and welcome to this results webcast for Empresas Copec. We will be taking a look at the main figures and the main developments for the second quarter of 2026. I will start flipping through the presentation. It is a brief presentation showing the main figures and the highlights of the main projects. After that, we are going to invite you to see a very brief video showing the status of the Sucuriú project. Then towards the end of the session, we are going to open it up for the Q&A, at which point I will be joined by Mr. Cristián Palacios and Mr. Gianfranco Truffello from Empresas Copec and ARAUCO respectively. Having said all that, let me begin by showing some of the main figures for the quarter and some of the main developments for the quarter. In this highlight slide that we are showing on screen here, we came in this quarter to an adjusted EBITDA and an EBITDA both above $1 billion. So very good figures for both measures. In the case of the adjusted EBITDA, it is up by more than 30% year-on-year and close to 18% Q-on-Q. In the case of our traditional EBITDA, it is up by 44% and almost 20% year-on-year and Q-on-Q respectively. All of this has to do with an improved performance in forestry and particularly in energy. In the case of forestry, this EBITDA includes the effects of a sale of assets. It is actually a sale of wood carried forward by ARAUCO during the quarter. Only wood and not land, as we will see going forward. The stumpage effect related to that sale is also included in this adjusted EBITDA figure. Let me just comment that the stumpage portion is equivalent to the operational margin for the plantation business, so it makes sense to consider it part of the EBITDA. Together with that, we have higher volumes in pulp for the year-on-year comparison, offset to a certain extent by lower prices and increased costs. In the case of wood products, we have an increase in prices and an increase in volumes in panels. In the Q-on-Q analysis, we have higher prices in pulp, partially offset by lower volumes and also a better performance in general of the wood product division. Of course, the main highlight of the quarter is energy. In the case of energy, we have Copec showing a positive inventory revaluation effect year-on-year, together with a higher sustained, but even higher contribution from the lubricant division and also a very favorable industrial margin. Abastible also showing a very strong performance, essentially across its LatAm geographies. In the case of the Q-on-Q comparison, we are showing a high industrial margin for fuels in Copec together with a decrease in distribution costs. Some more detail on that as we go through the presentation. In terms of developments and other milestones, we had the Sucuriú project reaching a progress of 74.5%, ahead of the schedule, with a civil construction reaching 90% and a railway construction reaching 45%. So all going well at the Sucuriú site. Some more figures are presented there on screen. As I said before, an adjusted EBITDA and EBITDA of more than $1 billion, composed essentially of an energy EBITDA of more than $600 million. This is significantly up year-on-year and also slightly up Q-on-Q. Forestry EBITDA showing a recovery with respect to the preceding quarter, 58.9% Q-on-Q, including of course the sale of assets. Mina Justa continues to perform very well with an EBITDA this quarter of $287 million. Very good EBITDA generation on the back of a good pricing scenario together with smooth and fluent operations at the mine. The CapEx in line with what we had announced, $920 million, most of it devoted to the forestry division. In terms of credit metrics, net financial debt on adjusted EBITDA of 3.13 x. Including, of course, the effect of the hybrid bonds issued by ARAUCO last year, which have an equity credit of 50%. On a historical context, as I said before, these are very high figures in terms of historical comparison, more than $1 billion for adjusted EBITDA and EBITDA, and also net income at a very healthy level of $440 million for the quarter. 92% up year-on-year in that case. Our credit metrics and some financials are shown there on screen. You can see there our total debt reaching $13 billion, with a total cash of almost $3 billion, which yields a net debt of $10.4 billion. We have gradually been smoothing out our maturities. You can see there maturities are quite well balanced and gradually smoothed out following some refinancing operations that some of which we will comment going forward. Debt well allocated by company, also by currency. All companies very well hedged in terms of their currency exposure and also debt very well diversified by type. All financial channels open for the company. You can see there net debt to EBITDA standing at 3.13x. So it has been quite stable, hovering around 3x for the last few quarters. In terms of financial ratios, 9% for return on capital employed and 9.7 for EBITDA margin, pretty much in line with the comparable quarters. Let us dig deeper into the different business division. Forestry, we are showing some numbers for ARAUCO there on screen. ARAUCO ended the quarter with a net income of $121 million and an EBITDA of $415 million, which is considerably up with respect to the preceding quarter. As I said before, this EBITDA includes the stumpage portion of the sale of forestry asset, which amounts to $124 million. The stumpage portion amounts to $124 million, and that goes into EBITDA. The operating income goes down on the back of higher costs, lower pulp and saw timber prices, partially offset by some increase in volumes in terms of pulp and wood products, and also higher panels prices. As we will see further on, we had an interesting recovery of the woods division in general for the quarter. Going further into pulp, you can see that the pulp EBITDA division for the quarter is $206 million, comparing well with the preceding quarter of $194 million. In general, we had an increase in net sales driven on the year-on-year comparison by sales volume and on the Q-on-Q comparison by price, essentially. Costs have trended somewhat upward during the last few quarters. That's an industry phenomenon in general, cost trending upwards to some extent because of disrupted logistics, and to some extent also having to do with the maintenances that have taken place during the year. You can see the schedule for the year on the bottom left-hand side. Some comments on the pulp markets. During the second quarter, we saw a challenging environment in China, essentially because of a weakened demand for printing and writing and also for tissue. So a weak demand faced by the paper makers. Together with that, some inventory levels, which are rather high in some particular grades and products. With all that, the hardwood and softwood prices remained in general stable for the quarter, with the exception of the last few weeks, when we saw some decline. In Europe, we saw, in general, a solid demand situation, with high, strong and clear demand for printing and writing. Tissue, in general with less competition coming from the Middle East. So in general a more solid demand for our particular production. As a result of that, we saw some increases in hardwood prices. In relation to dissolving pulp, in general, we have seen a strong situation over the last few quarters, with an upward price trend. So seasonal consumption had a positive effect, together with higher viscose prices and stable lyocell demand. So that was the market scenario for the quarter. Going forward, what we see for the outlook is still a somewhat challenging demand in China, with tissue and printing and writing continuing to face a demand that is not very strong, and somewhat elevated inventories as well. And so we might see the need from paper makers to reduce operating rates and therefore rebalance supply and reduce demand to some extent. In Europe, in general, a stable situation. With however, some softer demand for some particular products and driven in part by seasonality. So this would make it difficult to follow on with price increases. Together with that, we see a gap between Europe and China, so that could bring forward eventually some adjustments in prices. As you can see in the graph there to the bottom left-hand side, by the end of July, we are facing levels of around $570 for hardwood, around $690, sorry, for softwood and $890, very strong for dissolving pulp. The wood products division had a good quarter. As you can see there's a recovery in EBITDA. So, growing from 84 in the previous quarter to 113, which is a figure that is much more in line with the traditional historical figures that we have reported for this division. We usually think of this division as yielding a yearly EBITDA of somewhere around $500 million. So this EBITDA for the quarter is very much in line with that. That was driven essentially by quite a significant increase in panels volumes, both on a year-on-year and quarter-on-quarter basis. We see a significant increase, very healthy in panels volumes. Together with that, volumes also growing for solid wood. Now going deeper into our main markets. You can see North America in general, which is almost 50% of our total sales. We are seeing a stable demand overall, and in particular for MDF. Stable demand, but still high supply levels. So prices, in general, pressured by increasing costs. We believe they could keep rising gradually. Volumes, however, under pressure because of the available supply. Molding in general with prices increasing in line with costs. In terms of particle boards, we see solid demand, a better supply balance when compared with MDF. So prices have been increasing quite strongly and volumes could remain stable during Q3. Remanufactured products also stability. Supply side affected by the larger tariff on Brazilian producers, and prices could increase as a result of this and also as a result of a stable demand, and volumes could stay flat in that regard. Plywood showing a steady demand, with a well-balanced supply. So we could see stable sales and some gradual price increases. Latin America, South and Central America, which is around 40% of our sales, this has been faring quite well. Brazil with a positive outlook for MDF on prices and volumes. Chile with some particular products doing well and other products seeing some more weakness in demand. We could see an increase in sales in the third quarter, although some oversupply is present. Plywood still weak and still waiting for a recovery in construction sector, which could boost the products all across the board. Demand for products all across the board. Argentina in general with a stable situation as well, with an MDF demand and prices increasing, with stable supply. However, seeing some softer demand in our particular commercial channels. The rest of the world where we sell, which is Asia, Australia, Europe, and the Middle East, in general showing a healthy activity and with an improvement on prices and sales in Asia and the Middle East. Let us move to energy, which was probably the main highlight of the quarter once again. We saw an EBITDA improvement in Copec and Terpel. You can see there the consolidated figures for Copec with CLP 452 billion for total EBITDA for the quarter, which compares very well with the figure for the second quarter of 2025. This basically stems from a higher operating income having to do with a favorable industrial margin, with an increased inventory revelation effect. Basically following the upward trajectory in the price of oil and refined products, as you well know. As we have been highlighting over the last few quarters, a very good and sustained performance in terms of the lubricants sector. All in all, a very good quarter for Copec consolidated, with a good performance in both Chile and Colombia, the main markets, Chile and Colombia, doing very well. Volumes to some extent hit by prices going up. We see a 6.6% decrease. That's the relevant comparison here. The Q-on-Q is not very significant because of the seasonality, but year-on-year is 6.6% down as a result of higher prices, essentially. Terpel also showing very good figures here with a total EBITDA of COP 509 billion, which compares well with the second quarter 2025 and very much in line with the first quarter of 2026. This stems from a very good performance in lubricants together with the effects related to the upward trajectory in prices, and offset a little bit by a decrease in physical sales. The main decrease here is Ecuador, which has been hit, to a certain extent, by the gradual sales of gas stations that we are pushing in that country. Abastible also within the energy division, doing very well, and this has been a trend also for the last few quarters. As you can see there in the EBITDA generation graph. EBITDA amounted to CLP 74 billion, which is a very good figure, stemming from an increase in operating income because of higher volumes, basically in all geographies, with some exceptions, as we will see going forward. In general, very good operations across Latin America. If we go to the country-by-country analysis, you can see the volumes in Colombia there, increasing by 36.5%. Really good performance, and this has to do with very good performance of the home segments, and in general, high consumption driven by natural gas substitution. This is something that has been taking place in Colombia during the last few quarters. So a very important increase in volumes stemming from natural gas substitution in general. Ecuador, with higher volumes and margins, substituting also other sources of energy, and with markets here increasing quite interestingly. Peru doing very well in the bottle segment with a very strong positioning. High volumes and interesting margins, and also a weaker performance of the natural gas segment in general. So an opportunity for substituting natural gas in general in Peru, as we have seen also in Colombia. The industrial segment somehow hit by the weather conditions stemming from the El Niño phenomenon, and particularly by the effect on that on the poultry industry, which is very strong in Peru. Markets are increasing, interestingly, to 29.4% for the quarter. In Chile, lower volumes because of the weather conditions. The bulk segment also with lower volumes, essentially because of lower catches and lower activity in the fishing division, in the fishing industry in general, which is an important industry for Abastible in Chile. All of that brings about a slight decrease in market share in the case of Chile. In the case of Spain and Portugal, this is our latest acquisition, the Gasib company in Spain and Portugal. We had been seeing a very good performance in terms of EBITDA. This time, we are seeing a reduction, essentially because of the effect of increasing costs on margins, basically. There is a lag in the passing through of these costs to final clients because of the regulated market in Spain. We should see a reversion, at least to some extent, of these compressed margins in the quarters to follow. In the case of the bulk segment, also lower volumes because of an increased competitive landscape. That is it for energy, which had a very good quarter overall. In the case of the copper segment, through Cumbres Andinas, remind you, we have 40% of this company. It is not consolidated, but you can see it is showing in net income through equity income and also in the adjusted EBITDA, when we do this adjustment on equity income. Once again, a very good EBITDA generation, this time amounting to $287 million for the quarter. This is a result of a very good pricing scenario. As you can see in the graph there, prices have even continued to increase on those registered during the quarter. Together with that, a very good cash cost performance, in line with what we had announced, so $1.59 cash cost for the quarter. And a production which is a bit lower than last year, but in line with the mining plan. A brief word on our other companies. Not a lot of surprises here. Sonacol always very stable, this time with a slight increase in results. Igemar fishing division, also with a higher loss than last year, essentially stemming from lower catches in the fishing sector. Metrogas and AGESA, always very stable overall. In terms of highlights for the quarter, let me bring you briefly up to date in terms of our progress in Sucuriú. We have a physical progress by the end of July of 74.5%, which is 6.4% ahead of schedule. So very good figures there, with more than 14,000 workers on the site. Engineering, procurement, and civil construction reaching more than 90% completion already, so also ahead of schedule in those terms. Some other milestones to highlight for the second quarter. The recovery boiler lifting was carried forward one month ahead of schedule. Same thing for the completion of the power line commissioning, which was carried forward two months ahead of schedule. Now we are shifting focus to the electromechanical setup, which is already at 32% progress, which is also 12% ahead of schedule. So everything going very well in terms of the industrial portion. In terms of logistics, also making progress. Railway construction reaching 45%, and also 10% ahead of schedule. Rail acquisition completed and on its way from China to Brazil. Some wagons and locomotives already received. All in all, we continue to be on track to start operations in the fourth quarter 2027, as initially programmed. Some more details on a sale of forestry assets that ARAUCO came forward in Chile during the quarter. This is an agreement with a Chilean company controlled by a local forestry investment fund. This is the sale of eucalyptus forests for 29,5 00 hectares approximately, only for the wood, not for the land. The total prices for the transaction was $217 million already received by ARAUCO. As we said before, this yielded an effect on stumpage of $124 million, which forms part of our EBITDA for the quarter, reflecting the operational margin for this plantation business. Empresas Copec has agreed to enter into an equity support agreement with ARAUCO. This is not a capital injection, this is an equity support agreement related to a standby facility for up to $450 million, with funds that will be available from January 2027 to December 2028, and drawable by ARAUCO upon certain triggering events that are well-defined in the contract. If the funds are drawn, they are injected into ARAUCO as equity, not as debt from the parent company into ARAUCO. If they are drawn as equity, injected as equity and not as debt. That is why it is called an equity support agreement. This agreement allows ARAUCO, of course, to obtain additional capital injections only if required. This might not be required. The objective, of course, is to strengthen liquidity, gain financial flexibility for ARAUCO, or accelerate convergence of credit metrics towards the level defined in ARAUCO's and the group's financial policies. An additional facility committed here by the parent company for supporting ARAUCO. Always in line with the philosophy of permanently reviewing the portfolio of assets and looking for the best owner, ARAUCO has announced the sale of a stake in Puerto Coronel. This is a 50% stake that ARAUCO has held in Puerto Coronel, and was sold to a company called Neltume Ports for the total proceeds of $65 million, which were received on August 12. As a result of this transaction, ARAUCO will be recording a net income or pre-tax gain of $26 million during the third quarter this year. We have, at Empresas Copec, tapped the markets once again and issued bonds for $260 million. This is intended purely for refinancing at the parent company or subsidiary level. This is a UF-denominated bond issuance for, as I said, a total of $260 million equivalent in UF. This is two series with 10 and 20-year maturities, which were issued at rates of 3.34 and 3.46 for the short and long or long and longer series respectively, with very convenient spreads. These are rates that are measured in UF, so this is plus inflation. One of the spreads that for the AO series was the lowest of the year for corporate bonds. In general, we faced very good conditions and a very strong demand, which amounted to almost 2x the amount offered for both series. A very good issuance here of bonds, which allows us, as I commented before, to continue smoothing out our maturities going forward. Mina Justa Subterránea continues to make progress in Peru. We, through Mina Justa, made progress in engineering studies, infrastructure development, and permits required for the project. We continue to make progress across all dimensions here. Just to remind you, this is a project intended to increase reserves by 30% and expand the total life of mine by five years. This will mean an additional production over the life of mine of approximately 500,000 tons in total. We continue to expect the start-up of operations for year 2028. A brief review of our ESG activity here. Copec continues to make progress in energy transition, adding this time a second large scale solar generation plant for a total of 85 MW. With this, the total installed capacity of Copec amounts to approximately 350 MW in all. Together with that, Terpel has gone forward with a similar acquisition in Colombia, doing exactly the same investment philosophy and the same strategy to face the energy transition as Copec is doing in Chile. Copec Flux also inaugurates the first solar plant, this time a smaller plant of 3 or 4 MW, but using Tesla batteries, the first to use Tesla batteries in Chile. ARAUCO continues to deepen the forestry sustainability roadmap, this time with several initiatives related to biodiversity, water, carbon absorption, and circular economy. That is a brief review of the quarter. That is the material we had prepared for you. We will now show a brief video on screen lasting for a couple of minutes, which shows the current statue of the Sucuriú construction in Brazil. After that, we will come back for the Q&A session, when I will be joined by Cristián and Gianfranco. Thank you all very much, and let's proceed, please, with the video. Thank you. Thank you. We will start now the Q&A. If you have a question, please write it down in the Q&A section. Please remember that your company's name should be visible for your questions to be taken. Hello, everyone. Thank you for attending this webcast. We're going to start with the first question, comes from Ignacio Jano. Gianfranco, this is in forestry. Does the forest sale involve any kind of future commitment, or is simply an outright sale of timber? Well, thanks for the question. We sold about 29,000 hectares of plantations of eucalyptus in the area of Valdivia for a price of $255 million including VAT. This fiber was sold to a fund. We do not have a signed commitment for buying that fiber back. Of course, we have the intention to negotiate some kind of option for buying that fiber because, I mean, we are in this same zone. I mean, the Valdivia mill uses that fiber. Of course, the fund will like to sell to ARAUCO. So we intend to negotiate some kind of agreement. But in terms of an option to buy, not an obligation to buy from the fund, but we have a common understanding that we depend on each other in terms of the use of this fiber. Of course, we sold fiber that is going to be harvested about two or three years from now. So the one that we are using currently was not sold. So it is more in the future. On Sucuriú, if you can comment on the expected cash cost, steady state delivered to China. Well, Sucuriú is a state-of-the-art mill, so it is going to be the biggest in the world. So I mean, the best place in the world to produce pulp. So we are expecting a very competitive cash cost delivered to China. Of course, it is not going to happen in the first year because we are going to have a ramp-up. Also we are using more fiber that we bought from third parties at the beginning. So in, I would say year three, four, we should be reaching a cash cost that would be lower than the ones that we are already having in Montes del Plata or in MAPA. That should be about between $200 and $240 per ton delivered. But it is going to depend, of course, on the price of the wood that we and the mix of the wood that we are using at the time. If it is 100% from our plantation, we are still buying from third parties. But we should be one of the most competitive mills in the world. Okay, thank you. Alfredo Schmutzer at Inversiones Marchigüe is asking about how much EBITDA improvement in Copec Fuels came from inventory effects versus trading and better fuel performance. Looking into second half, what we can expect on this matter. Yeah. Thank you for that. Well, as we have mentioned during the presentation, EBITDA for energy has been trending up through the last several years, I would say, on the basis of a very good performance, commercially speaking, and growth of businesses such as lubricants, which is performing very well. But of course, what you say is very true. In this particular year, we have some exceptional effects coming from the revaluation of our inventories and also from additional industrial margins. If you look at the EBITDA that we were generating up to last year for the energy division as a whole, it was around $400 million per quarter, $300 million- $400 million per quarter. In this particular year, we have been recording an EBITDA of around $500 million and even $600 million per quarter. The difference, roughly 1/5 per quarter, has to do with these exceptional effects that have taken place during the year. Part of which may be reverted if prices go down going forward, and part of which might be more stable over time, which is a portion related to industrial customers. Which has to do with the fact that Copec is able to provide industrial customers with very large volumes of fuels in this very volatile environment, in a timely fashion, and meeting the highest standards. That part may be more permanent over time. But it is hard to tell because of course it will depend on the future evolution of oil markets in terms of trend, direction, and volatility. Thank you, Rodrigo. Juraj Damjanic at Lazard is asking, which triggers should be activated or should activate another support from Empresas Copec to ARAUCO? Which alternatives do you have? You want to take that or? Well, regarding the ESA that we are going to probably be signing after the shareholders' meeting approval, it has certain triggers that depends on the evolution of grade metrics for ARAUCO. So that are designed to be in the range of maintaining the investment credits. Any deterioration that we will see in the future or longer recuperation to normal levels that we are designing in the project should trigger the ask for additional capital injection. So that is signed more or less in the contract. There are other conditions also, and of course, we can ask always and Empresas Copec can analyze that request. So that is more or less in the terms of the agreements itself. Yeah, just to complement that, it is important to have total clarity that this is not an outright equity injection. Rather, it is a standby facility that may be drawn upon by ARAUCO on the occurrence of certain events. Those events, as Gianfranco was saying, are intended to provide additional flexibility, liquidity for ARAUCO, and robustness and to accelerate convergence towards investment grade stand-alones, investment grade trade metrics. Okay. The next one comes from Alfonso Salazar at Scotiabank. Gianfranco, with more integration in China and if local demand softens ahead, do you see China increasing and sustaining paper exports to other countries? That is the first one. When do you anticipate high cost of wood in Asia to hit paper production in China and have integrated mills, if you have seen integrated mills approaching ARAUCO for pulp negotiations? Well, it is a bit difficult to anticipate those trends, but what we have seen is that fiber prices imports in China have increased, of course, in volume because they have ramped up local production. There are some other pressures in terms of price. In terms of there are some limitations in supply from Indonesia for some permits revoked in 2025. There are weather-related events, and there are also some production increase that is coming next year in oak. So there should be some pressure in fiber cost, imported fiber cost, pulp, chips in China. So that should put pressure in local production or cost of pulp there. In terms of paper export, we have seen that they continue to export paper, so I think that should continue. Local demand for tissue and related paper demand is, I would say, normal in China. What we have seen is that, especially in short fiber, the price we feel that has reached a bottom. We recently confirmed maintained price for $570 for hardwood, and we sold everything. So we feel there is more demand coming, and that has a lot to do with local pricing of pulp being higher than import prices at this moment, which is not very usual. So that supports more demand for hardwood. Of course, the seasonality will start helping us in the coming months because September, October is a good year. So we expect that we have seen the bottom in terms of pricing for hardwood. For softwood, it is more difficult because in softwood there is a lot of inventory, and that is putting a lot of lag in demand and prices for softwood. We think more difficulty in the softwood market, but in hardwood, we feel that there is more demand, more volume coming, and that should fortify, let me say, the floor at around the prices we have seen right now. Okay, very clear. Thank you, Gianfranco. At this moment, we do not have more questions. Rodrigo, if you want to do some closing remarks. Okay. Thank you very much, all of you, for joining in today. We expect to see you again at the beginning of November to take a look at the third quarter results. In the meantime, as usually, please feel free to contact our investor relation departments. Thank you very much. Thank you. This does conclude today's presentation. You may disconnect now and have a nice day.