Good morning and good afternoon, ladies and gentlemen. Welcome to the ENCE third quarter 2026 results presentation. I will now hand the call over to Mr. Ignacio Colmenares, Chairman and CEO, and Alfredo Avello, CFO. Gentlemen, please go ahead. Good morning, good afternoon, and welcome to ENCE's third quarter 2026 results presentation. Thank you for joining us. I am Ignacio Colmenares, Chairman and CEO, and today I am joined by our CFO, Alfredo Avello, and our Head of IR, Inés Álvarez. I am pleased to report that we continued delivering on our main strategic KPIs during this quarter, consolidating the turning point that started in the second quarter. In this context, let me briefly remind you of five of these KPIs. First, growth in high-margin special pulp, substituting more expensive BSKP. Two, local wood and biomass sourcing. Three, delivery on our efficiency and competitiveness plans. Four, de-leveraging the company. Five, solid progress in our renewable platform. On top of that, our energy efficiency projects added revenues totaling EUR 17 million in the quarter, turning this initiative into an ongoing priority for our R&D team. All this said, consolidated EBITDA reached EUR 46 million. Net profit stood at EUR 10 million. Net debt fell by EUR 25 million in the quarter. The fourth quarter should bring further cash inflows from reinforced performance, energy saving certificates, and grants. Slide four summarizes the third quarter of 2026. Execution remains the core theme. Pulp prices held at sound levels despite the summer slowdown. Our renewable business recovered normal production levels after the historic rains and maintenance shutdowns of the first semester. Our special pulp volumes kept growing, and the efficiency and competitiveness plan continued to deliver, even though cash costs faced temporary headwinds due to the conflict in the Gulf. Starting with pulp, and as we anticipated in July, normal summer seasonality led European gross BHKP prices to decrease by $100 per ton during the quarter. Our average pulp price was nevertheless EUR 97 per ton higher than in the third quarter of 2025. Since the end of September, major producers have announced price increases in anticipation of client restocking, and we expect the positive trend to continue until the end of the year. The product mix also continues to move in the right direction. Special pulp substituting more expensive softwood products represented 32% of sales volume in the first nine months of 2026, compared with 29% in the same period of 2025. This growth comes even with the price gap between BSKP and BHKP at historic lows. In fluff, five homologation processes have been completed, and 30 clients are now in the industrial testing phase. Cash cost stood at EUR 463 per ton in the third quarter and EUR 476 per ton year to date, which is EUR 8 per ton below the first nine months of 2025. The EUR 8 per ton increase versus the second quarter reflects two factors. Inflationary pressure caused by the Iranian conflict beyond our initial estimates, and the success of the water effluent recovery system at Pontevedra. Our Pontevedra biomill operated without taking any water from its usual source, the Lérez River, from the start of August until today. Instead, it drew reclaimed water from the city wastewater treatment plant. This is an industrial milestone. Pontevedra is the only mill in Europe able to run uninterrupted while using reclaimed water. The system is already a strategic part of our production process. Operating it at full scale this quarter did carry a cost, around EUR 9 per ton and some 10,000 tons of lower output, but we are refining how we run it and steadily moving up the learning curve. As a result, we need to update our full-year cash cost forecast from our initial EUR 468 per ton- EUR 475 per ton. Around EUR 3 per ton comes from the longer-than-expected inflationary pressure caused by the Iranian conflict, and around EUR 3 per ton from the extra cost of the Pontevedra water recovery system during this summer. The efficiency and competitiveness plan is progressing as expected. Consolidated annualized savings already stand at 14.7 million against the full-year target of 15 million. In our biomass-backed renewable energy platform, the third quarter showed a steady recovery. Biomass to electricity production reached 311 GWh, up 22% quarter-over-quarter following the maintenance shutdowns of the second quarter. Average energy prices were 47% higher year-over-year and 33% higher quarter, as a consequence of the inflationary pressure caused by the Ukrainian conflict. In renewable industrial heating, two projects started industrial operations with aggregated estimated production of around 118 GWh thermal per year. In biomethane, we obtained our first favorable environmental impact declaration, a crucial step before the integral environmental authorization. Financially, consolidated EBITDA was 46 million in the quarter, compared with 13 million in the third quarter of 2025 and 27 million in the second quarter of 2026. Pulp contributed 33 million, including EUR 70 million from energy saving certificates, compared with EUR 4 million a year ago and EUR 23 million in the second quarter. These certificates were registered in the third quarter and collected in October. Renewables contributed 13 million, up 51% year-over-year, and EUR 8 million above the second quarter, driven by the normalization of biomass to electricity operations, higher sale prices, and higher revenue from secondary markets. As a result, net profit amounted to 10 million. CapEx amounted to 30 million in the quarter, of which 23 million corresponded to growth investments, notably the final payment of the Navia efficiency and decarbonization project. We maintain our full year CapEx forecast of around 120 million, mostly related to projects already committed in 2025. Net debt stood at 467 million at the end of September, 25 million below June, with 196 million of cash. The fourth quarter should bring further positive cash impacts. The 17 million from the energy saving certificate registered at the end of September and cashed in October, and the 12 million grant related to Navia efficiency and decarbonization investment, whose cash out is already behind us. In short, our turning point was further consolidated during the third quarter. Sound prices, a growing special pulp mix, an efficiency and competitiveness plan that continues to deliver, a normalization in the biomass to renewable electricity production, and pipeline progress in renewable industrial heating and biomethane. Let's now look at cost competitiveness on slide six. Cash cost stood at EUR 463 per ton in the third quarter, compared with EUR 455 per ton in the second quarter. The efficiency and competitiveness plan is delivering despite a more demanding environment. Consolidated annualized savings totaled EUR 14.7 million by the end of September, compared with EUR 8 million at the end of June, and they include the impact of inflation throughout the year. Therefore, our message on costs is unchanged. The initiatives are progressing and the structural reductions remain on track. While the adjusted forecast for 2026 reflects external pressures not foreseen at the outset. Slide 7 looks at the pulp markets. As anticipated, gross BHKP prices in Europe decreased by $100 per ton in the quarter, reflecting the usual summer slowdown. Nevertheless, major producers have announced price increases for October, and several factors will support prices in the coming months. First, wood cost pressure in China. BHK net prices in China bottom at around $558 per ton in mid-August, consistent with rising fiber costs. This sets a higher floor under the BHKP cost curve, supporting the September rebound and the $20 per ton increase announced for October in China. As in Europe, we announced a price increase of $50 in October. Second, supply and inventories. There are no major new capacity additions, with continuing delays in the startup of OKI 2 and BHKP inventories remain lean both in China and in Europe. Third, the BSKP to BHKP price gap. The gap stands at historical lows, at approximately $70 per ton year to date versus a historical average of $140 per ton. We expect the gap to gradually normalize as BSKP prices recover following a major capacity restructuring. Taking all this together, we expect the sound pricing momentum to continue for the rest of the year, together with a progressive recovery of the BHKP to BSKP price gap. Moving to slide eight, our product strategy continues to progress. Special pulp accounted for 32% of sales volume in the first nine months of 2026. 10% growth is particularly remarkable considering that the BSKP to BHKP gap is at a historic low. ENCE Advanced is our broad range of BSKP substitute pulps with different attributes, high strength, unbleached hardwood pulp, low porosity, and softness, suitable for hygiene, decor, packaging, and other applications. Our 2028 target is 0.5 million tons with an incremental margin of over EUR 30 per ton versus standard BHKP. ENCE Fluff is our other flagship strategic product. ENCE is the sole European producer of fluff pulp based on eucalyptus wood, competing with softwood. The 2028 target is 125,000 tons with an incremental margin above EUR 60 per ton. Five homologation processes have been finalized, and 30 clients are at the industrial testing stage. Overall, we target more than 62% of our sales in special pulp by 2028, with an incremental EBITDA margin of around EUR 36 per ton versus selling only standard BHKP. Slide nine shows why the product strategy and the cost strategy must be viewed together. In 2028, more than 62% of our sales will come from products that compete with BSKP. In this segment, the global cash cost curve shows Iberia well-positioned among the lowest cost producers and clearly below Nordic, North American, and Canadian softwood producers. This makes ENCE a top competitive player in the BSKP segment. In other words, we are not only lowering the cost of producing standard hardwood pulp, we are also changing what we sell and who we compete against. This repositioning improves our resilience in down cycles and increases our operating leverage in up cycles. Moving now to the renewable platform. Slide 10 focuses on renewable industrial heating. Our 2030 target is to supply 2 terawatt-hours of thermal energy and to contribute around EUR 30 million to EBITDA with a target ROCE above 11%. The platform is progressing steadily. During the quarter, two projects started industrial operations, and two more are expected to reach commercial operation before the end of the year. This means that we will end 2026 with five projects in operation, compared with only one at the end of 2025, and with estimated annual production of 240 GW thermal. We have 11 projects under negotiation, of which four are in advanced negotiation. Our pipeline foresees seven plants in operation in 2027, 11 in 2028, and 13 in 2029. Continuing with slide 11, our biomethane platform advances steadily. Our target is to produce 1 terawatt hour of biomethane by 2030 from a pipeline of 4 terawatt hours, and to contribute more than EUR 60 million to EBITDA with a target ROCE above 11%. We have 41 plants where gas grid connection, feedstock, locations, and feasibility studies have been completed. Of these, 28 are already in the permitting phase, and we expect eight environmental licenses between 2026 and 2027. The most relevant milestone in the quarter is that we obtained the first favorable environmental impact declaration. It is a key administrative requirement before the integral environmental authorization. We expect at least one integral environmental authorization before the end of the year, which will allow us to move from development to construction of our first project. Slide 12 illustrates the maturity of the pipeline, which has a potential capacity of around 4 terawatt hour, four times our 2030 target. We currently have one operational plant, which is expanding its capacity from 30 to 45 gigawatt hour and 28 projects at an advanced stage. Of these 28 projects, 16 submitted the documentation to the authorities almost two years ago, on average. Authorizations should be confirmed between the fourth quarter of 2026 and the third quarter of 2028. The other 12 were submitted around 10 months ago, on average. Authorizations should be confirmed between the fourth quarter of 2028 and the third quarter of 2029. Across the pipeline, gas grid connection and other analysis have been completed. Feedstock availability is more than three times plant needs, and land options have been signed for 100% of the first group and 83% of the second. Biomethane is a permitting-intensive business, so the quality of the pipeline is measured by the maturity of land, grid feedstock, and environmental work. Our pipeline is well-positioned in all of these areas. I will now ask Alfredo to summarize our financial position and our cash flow evolution. Thank you, Ignacio, and good afternoon, everyone. I will take you through the third quarter financials, the P&L, cash flow, and our financial position. I will then highlight our sustainability progress before handing back to our executive chairman for the closing remarks and Q&A. Let me start on slide 14. The headline is that the turning point we flagged in the second quarter has been consolidated. EBITDA of EUR 46 million, an attributable net profit of 10 against a loss of EUR 15 million a year ago and a break-even in second quarter 2026. Three factors explain the improvement: stronger prices in both businesses, a normal operating quarter in biomass electricity following the maintenance stoppages of the second quarter, and EUR 17 million from the sale of energy saving certificates, or CAEs. Starting with the top line, group revenues were EUR 216 million, up 19% year-on-year and 10% quarter-on-quarter. In Pulp, revenues rose 12%, EUR 247 million. Our average selling price, excluding hedges, was EUR 97 per ton higher than in Q3 2025, partly offset by lower volumes. In renewables, revenues reached EUR 69 million, up from EUR 50 million. Our production of 311 GWh, in line with last year, and an average sale price of EUR 191 per MWh, up 47%. At the EBITDA level, the Pulp business delivered EUR 33 million versus EUR 4 million in Q3 2025 and 23 in the second quarter. The year-on-year improvement reflects higher prices and the CAEs, which were registered in the quarter and collected in October. So the cash impact falls in the fourth quarter. Compared with the second quarter, the CAE has more than offset a higher cash cost of EUR 463 per ton versus EUR 455. The main driver was Pontevedra. With low flows in the adjacent Lérez River, the mill ran from 1st of August to the end of the quarter without taking river water, using treated water from the municipal plant instead. Our water recovery system allowed the mill to keep operating normally, which is a really important industrial milestone. Excluding that effect, cash costs would have been broadly flat on the second quarter, despite the annual maintenance shutdown and persistent inflation linked to the Iranian conflict. The efficiency and competitiveness plan was also continuing to deliver. As our chairman mentioned, annualized savings, once related or under execution, reached EUR 14.7 million, practically our full-year target of 15. Of this, EUR 10.9 million came from the plan itself and EUR 3.8 million from the Navia efficiency and the decarbonization investment. In renewables, EBITDA was EUR 13 million, up 51% year-on-year and EUR 8 million above the second quarter. This is driven by the normalization of operation, higher sale prices, and higher revenue from secondary markets. On earnings quality, we hedged 83% of production in the quarter. The gap between the regulated price and the market price contributed EUR 13 million, which was offset by EUR 11 million of hedge settlements. Below EBITDA, depreciation and depletion was EUR 22 million. Net financial expenses were EUR 10 million and income tax was EUR 3 million. Attributable net income was therefore EUR 10 million, with Pulp contributing 11 and Renewables recording a loss of EUR 1 million. In summary, both businesses contributed to the growth in EBITDA and net profit, and our cost program continues to advance despite inflationary pressures that were not in our initial estimates. Turning to slide 15. The third quarter delivered positive free cash flow of EUR 10 million, as the investment peak of the first half is now behind us. Starting from EUR 46 million of EBITDA, we spent EUR 7 million on maintenance CapEx, EUR 4 million on net interest. Tax payments were negligible. That leaves EUR 35 million of free cash flow before working capital and growth CapEx. Working capital released EUR 16 million in the quarter. Normalized free cash flow, which includes that release, was therefore around EUR 50 million. Growth and efficiency investments absorbed EUR 23 million, mostly the final payments of the Navia efficiency and decarbonization project. This is below the first-half run rate, and our full-year CapEx estimate of EUR 120 million implies a much lighter fourth quarter. Finally, financial investments, disposals, and other adjustments absorb EUR 17 million. This is essentially the cash recognized in EBITDA at the end of September, but collected within October, so with no cash effect in the quarter. Free cash flow for the quarter was therefore EUR 10 million. Looking ahead, we expect two positive cash impacts in the fourth quarter: EUR 17 million from the cash already collected in October and a EUR 12 million grant linked to the Navia investment. Together with lower CapEx and a supportive pulp price outlook, this is consistent with our message for 2026: a first-half investment peak followed by a second-half deleveraging phase. Moving to our financial position on slide 16. Group net debt stood at EUR 467 million at the end of September, EUR 25 million below June, with EUR 196 million of cash. This marks the start of the deleveraging phase we anticipated. Compared with December 2025, net debt is EUR 89 million higher, mainly reflecting the year-to-date growth CapEx I just described, particularly in Navia and the working capital outflow of the first half. In the pulp business, net debt was EUR 240 million, EUR 29 million lower than in June, with EUR 149 million of cash. Financing is covenant-free, which gives us flexibility to manage the cycle and deliver on deleveraging without covenant pressure. On maturities, we have EUR 29 million remaining in 2026, mostly linked to our rolling over commercial paper program, and EUR 119 million in 2027, of which EUR 49 million is commercial paper that we foresee to roll over during the year. Our EUR 149 million of cash, plus a fully undrawn EUR 130 million revolving credit facility, cover those maturities almost twice over. In renewables, net debt was EUR 127 million, EUR 15 million above December, reflecting the investment in industrial heating and biomethane. The structure is long-dated. Of EUR 169 million of gross debt, EUR 119 million matures beyond 2030. It comprises EUR 152 million of mining corporate financing, EUR 14 million of project finance at La Galera, and EUR 7 million of industrial heating loans, and a EUR 20 million revolving credit facility is also fully available. From here, our priorities are clear: protect liquidity, maintain capital allocation discipline, and keep reducing net debt, supported by the fourth-quarter cash inflows, lower CapEx, and solid operating performance in both businesses while delivering on our strategic KPIs. Before handing back to our executive chairman, a brief word on slide 17. Sustainability is fully integrated into how we operate, and it translates into business advantages: lower costs, stronger customer preference, secure access to fiber and biomass, and our license to operate. From safe and eco-efficient operations, our cumulative Lost Time Injury Frequency Rate stood at 3.86 at the end of September, the best result in our entire historical series. Navia recorded just three odor minutes, and Pontevedra cut odor minutes by 69% versus the nine months of 2025. Both mills achieved record low water consumption, and 100% of our pulp energy plants are certified zero waste. On decarbonization, biomass is increasingly replacing fossil fuels in Navia lime kilns, with average substitution above 35% and peaks of 100%. By products, we obtained 16 new approvals for specialty pulps under ENCE Advanced, and the special pulp reached 32% of sales. In As Pontes, we were awarded a EUR 25 million PERTE decarbonization grant for a pioneering recycled fiber facility. In our supply chain, more than 85% of the land we manage and more than 80% of the wood we source are certified, and all our sites hold SURE System certification for sustainable biomass. We are also deploying tools to comply with EU Deforestation Regulation ahead of its entry into force at year-end. On people, women represent 25% of our workforce and 31% of our managerial positions. 72% of job openings were filled through internal promotion, and ENCE obtained Top Employer 2026 certification. On governance, the external audits of our criminal compliance system and our anti-bribery system were completed, confirming that both operate perfectly. In short, this achievement reinforce our ESG profile, and more importantly, supports safer operations, lower resource intensity, a stronger special pulp proposition, and a more resilient local supply chain. With this, let me hand the floor back to our executive chairman for the closing remarks and the Q&A session. Thank you. Thank you, Alfredo. I would like now to turn to slide 19, which sets out our 2026 outlook and offer you some closing remarks before we proceed to the Q&A session. We remain focused on execution. The efficiency and competitiveness plan progresses well. The deleveraging phase has started, and our midterm strategic goals remain on track. I wish to highlight the following. First, price momentum should remain positive. BHKP prices are supported by lean inventories and wood cost pressure in Asia. We expect a progressive recovery of the BHKP to BSKP price gap on the back of capacity restructuring in BSKP segment. Second, the efficiency and competitiveness plan is delivering results, with annualized savings of EUR 14.7 million captured. We have updated our cash cost forecast to EUR 475 per ton, reflecting the inflationary impact of the Iranian conflict, which was beyond our initial estimates at around EUR 3 per ton, and the extra cost linked to the Pontevedra reclaimed water system, which allowed us to continue operating in a period of total water scarcity at around another EUR 3 per ton. Third, renewable industrial heating is growing. We expect to the end of the year, five projects in operation compared with just one at the end of 2025. Fourth, our organic biomethane development progresses. One favorable environmental impact declaration has been granted so far this year. Fifth, we consolidate the turning point in our results. After EUR 0.5 million of net profit in the second quarter, we delivered EUR 10 million in the third. Sixth, our midterm strategy is clear. In pulp, we aim to be a specialized player in higher margin products, substituting BSKP and to reduce cash costs. In renewables, we aim to grow and diversify while protecting the balance sheet and maintaining capital allocation discipline. We remain clearly focused on our deleveraging targets. Thank you. We now invite your questions. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press star one on your telephone keypad. You will have the opportunity to ask all the questions that you may have. We kindly ask you to ask one question at a time to our speakers, instead of asking multiple questions at the beginning. Thank you. Your first question comes from Maks Mishyn with JB Capital. Your line is now open. Hi. Good afternoon. Thank you very much for the presentation and taking our questions. The first question is on cash cost in pulp business. Given your more conservative view on 2026 due to inflation, what makes you confident you can still achieve the 2027 target? Thank you. Sorry, I have heard the beginning of your question, but not the end of the question. I presume you want to know something about 2027. Is that right? Yes, exactly. Given the inflation is higher in 2026, why do you still reiterate 2027 target? Thank you. Well, as you know, we end last year with a high cash cost of EUR 483. And we see now EUR 475 on the average of the year. The goal was EUR 453 for 2027, EUR 30 less than EUR 483, as we have two times EUR 15 of cash cost reduction, EUR 15 in 2026 and EUR 15 in 2027. Today, it is difficult to have a vision of what is going to happen in the Gulf on the next months, and how is that going to affect the gas and the freight rates and the diesel, which is very important for us in our harvesting operations. We have a capacity of maneuver in order to reduce a bit more than what we expected, then in order to counterbalance if there is gas and diesel a bit more expensive than initially expected next year. But we have to wait till, let's say December, to know what is happening on the Gulf and to have a more precise guidance in the cash costs of next year. Thank you. Another question is on the biomass business. Given the favorable price environment, I was wondering if you could share your expectations on the full year EBITDA in the BMS, please. Thank you. Yes. I have to remind that as we are investing in this business with a view of if it is an infra business, we are hedging 80% of the sales. Then we are not assuming the risk of the market. Therefore, we are benefiting a bit of the fantastic prices of the energy now, but only on 20%. We made EUR 13 million EBITDA on the third quarter. We think we are going to be between EUR 10 million and EUR 12 million on the fourth quarter. We do not see any reason to be lower than the third quarter, but the most expensive biomass due to the humidity on the rainy period. Thank you very much. Very clear. The last question is, could you please remind us on the remaining green certificates in your pulp business? Thank you. Yes. We sold these EUR 17 million energy saving certificates at the end of September. We cashed them a few days ago. Now, we have another one, quite important. We do not know if it will be between EUR 6 million and EUR 9 million. And we have two small ones of EUR 1.5 million each one. I do not know if we are going to be able to do all the process of verification, certification, audit, and organize the inscription in the Ministerio de Industria, and to do the auction before the end of the year or the first quarter of next year. After that, I think we will have certificates for an amount of EUR 4 million per year, but not the important figures we had this year and the year ago. Thank you very much. Your next question comes from Álvaro Bernal with Alantra. Your line is now open. Hi. Thank you for taking my question. The first one is simply a confirmation regarding the CAEs. You said EUR 4 million per annum after this year, just confirming on that. No. It depends when we will cash the other EUR 10 million, we are working on that in three different certificates. If we cash them in 2026, well, a couple of million euros next year. After that, EUR 4 million per year. If we cash this big amount next year, EUR 4 million 2028 and so on. Okay. I understand. The second question is, maybe if you can comment a bit on the industrial heating business. Have you seen a change in demand from clients given that gas prices are higher? Yes. The market is very interesting today. To be frank, you know that we had this purchase system in Spain, these special grants, during 2025 and 2026. Then I would say that most of the mature projects have been already realized. Now it is a new wave of new projects who are coming, and it will take several months before they start. Today we are in negotiations with different customers. Some have already started to invest. This morning, we knew that an important customer has received some grants from his local community. Now, we see that the market is hot, but the fact is that many projects have been already completed. Then I think that we have to keep on the view I shared with you previously on my conference. Okay. My final question is regarding the penetration of special products. When we compare nine months evolution 2026 versus 2025, the increase is only 3% points year-on-year. How are you looking at this when looking at your 50% target by 2028? Because it means a considerable acceleration over the next 2 years. Yeah, we have seen that from the beginning when we started with these products eight years ago. Every year, the gap between BSKP and the BHKP is reduced. It is difficult to increase the volumes of sales. It is difficult to keep the margin. But as soon as the spread increases again, it is easier. Well, today we are preparing the budget. It is not official. We are preparing the budget for next year, and we see something around 400,000 tons of these special products. Then we see in 2028, the half million tons. Yeah. We keep on that. Okay. Thank you very much. Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one. There are no further questions at this time. I will now turn the call over. One moment, please. There is another question from Álvaro Bernal with Alantra. Your line is now open. Yes, thank you. Seeing that there are no more questions, I will try to squeeze one more in. It is regarding the biomethane platform. You are expecting the AAI by year-end. Do you have more visibility on when you can expect both DIAs and AAIs for other plants, or more or less the timeframe that you are setting up for plants in operation by 2028 is what we should be looking at? Yeah. What we see, it is very difficult to give that when we only have two months before the end of the year. But we see at least one this year, and we see a minimum of six between this year and next year. Okay. Thank you. Yeah. Your next question comes from Manuel Lorente with Santander. Your line is now open. Yes, hello. Good afternoon. Just a follow-up question on the CAEs theme. On 2025, we had a very large number, roughly EUR 40 million. Looks like on 2026, we are going to end up with something close to EUR 25 million. 2027, we have probably the last tranche of a relevant number, something between EUR 5 million- EUR 10 million again. Then the new normal of these potential benefits, as you were mentioning, is roughly EUR 4 million per year. This very large number to a more decent number is a combination that the, let's say, energy savings that justify these extraordinary incomes are finally over. That would be my first question, and my second question- Could you repeat your question? I only understand that one. Yes. Beyond the very specific number, I was wondering, okay, we are moving from a very large number in terms of savings from CAEs to a very low number of savings in terms of CAEs. What does this imply? This implies that the benefits that you are achieving on the energy savings that justify these CAEs are finally over to some extent? That will be my first question. My second question It is like that. Yes. It is like that. Okay. Then all the, let's say, Navia decarbonization theme, improving in the industrial footprint in Navia and Pontevedra, does not imply any further benefits associated to this? Thank you. No, yes, absolutely. On this, what we call the efficiency and competitiveness plan. You remember that EUR 22 million, and on top of that, we have the decarbonization of Navia, EUR 8 million. The project was to debottleneck the wood yard. It has been done successfully in August, and it is working very well. It was to change the fuel of the lime kilns, lime kilns, and switching from gas or fuel to biomass. It has been done. The project engineering was to substitute 60%. We are now working at 80%. It is going fantastically. With the prices of the gas of today, we are saving, not against the budget and not against the project, but against the prices of the gases today, EUR 600,000 per month, which is a lot of money. It has been done. Then once we will start with the investments in Pontevedra, we will do the same in Pontevedra. What is important you to understand is two things. When you produce a ton of pulp, you need roughly 550 KWh per ton of electricity, but we need 5 MWh of thermal energy, 5. Which is incredibly. It is a huge amount. That is why we have been working on the last four years in engineering and in R&D in order to do all these projects of efficiency, of energy efficiency, because we are a very intensive company in thermal energy. Then we have done a lot of projects, and some of them are fantastic. That is why we have been able to sell all these energy saving certificates in 2025, 2026, and we will continue in 2027. But once it has been done- Yeah, but sorry. My question is that all these savings that you are implementing and will consolidate in the next one or two years, they do not imply further CAEs benefits ahead. No. We have done a lot of engineering in what we have. Today, we still are going to catch EUR 10 million more. I do not know if before the end of the year, but most probably on the first half of next year. Once that is done, let us say, we are going to be excellent in terms of energy efficiency, and there is no more CAEs to be done. Then we will continue doing that, but at a different level, and we see EUR 4 million per year in 2028 and so on. Okay, great. Thank you. Sorry to insist. It's like you take your house and you change your windows, you put something on the roof, you put something on the doors, and you make a lot of green certificates. But after that, well, you can do more things, but it is smaller things. Understood. Thank you. Thank you. There are no further questions at this time. I will now turn the call over to Ignacio for closing remarks. Well, thank you very much, gentlemen. We meet in a few months' time. Thank you. Thank you very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.