Good morning. We welcome you to the Altri Quarter One 2025 Results Conference call. During the presentation, all participants will be on a listen-only mode. There will be an opportunity to ask questions after the presentation. If you wish to ask a question during the Q&A session, you may do so by pressing the star key followed by 5 on your telephone keypad. If you're experiencing any difficulty in hearing the conference at any time, please make sure you have your headset fully plugged in, or alternatively, please try calling from a different device. We have with us Mr. José Pina, the CEO of the Altri Group, Mr. Miguel Silva, the Group's CFO, and Mr. Rui Cesario, Head of IR. Mr. José Pina and Mr. Miguel Silva will give a brief description of Quarter One 2025 results, and the floor will be open to Q&A. I'll now handle the conference over to Mr. Rui Cesario, Head of IR of the Altri Group. Good morning. Thank you for joining us at Altri's First Quarter 2025 Results Conference call. We will review our financial performance, comment on market conditions, operational highlights, and future perspectives, followed by Q&A at the end. To do that, we have with us CEO of Altri, Mr. José Pina, and Mr. Miguel Silva, the Group's CFO. Hand over to Mr. José Pina. Good morning, everyone, and thank you for attending our conference call. We're always pleased to host this call with investors and analysts to share Altri's results and share our views about the market environment and main challenges. We turn to Slide number two. We comment on some of the main highlights of the first quarter of 2025. Global pulp demand increased by 4.8% in the first quarter, with hardwood pulp demand growing by 4.5%. After some slowdown near the summer, China started to pick up near the end of the year and became the main driver for that positive number in the first quarter of 2025. In April, we had news of the escalation of the U.S. commercial trade policies, which were particularly relevant for the relation with China. These news introduced an important economic uncertainty factor in the pulp and paper industry, especially in regards to China's expectations. In this, dissolving pulp and the Asian textile value chain was already visible in the quarter, some slowdown in demand that had a potential impact from global trade relationships. We have registered an EBITDA of EUR 29 million in the first quarter of 2025, a reduction of 41% year on year, with an EBITDA margin of 14.5%. A reduction in our profitability in the quarter is justified by average lower pulp prices compared either with last year or the previous quarter, more energy and instability at Selby related with the incident of the cogeneration turbine, which we have indicated in previous quarters, and the ramp-up of the dissolving pulp production at Biotech. The Selby turbine has started to operate in late March, and the ramp-up of dissolving pulp should continue to improve efficiency as production increases. On diversification and the growth projects, the migration of Biotech from paper pulp into dissolving pulp is underway with the goal of producing near 50,000 tons of dissolving pulp during the present year. Altri is also developing the acetic acid and fructose project at our industrial unit, Kaima, with the goal of introducing a new high-value-added product in the market and reinforcing Kaima's bio-refinery status. The launch is expected for the first quarter of 2026. Already in May, the Group completed the acquisition of Rinalia Forest and Logistics, a strategic step to increase our presence in Galicia and ensure raw material supply. We move to Slide number 3. After a year such as 2024, with negative growth in pulp of 1%, global pulp demand has increased by 4.8% in the first quarter, with hardwood pulp growing at a similar level of 4.5%. As mentioned, China and Asia were the overall drivers for this takeoff in the first quarter. On the other hand, Europe and North America posted negative growth in the quarter after a double-digit growth year in 2024. Turning to Slide number 4, global demand growth for dissolving pulp has slowed to 1% from 6% in 2024 in the first two months of 2025, already affected by fears that the textile sector could be impacted by a global trade war. In Slide number 5, inventories at European ports have been stable during the second half of 2024, in line with the historic average of 1.4-1.5 million. After reaching 1.55 million tons in March, we already saw a decline of 13% in April to 1.35 million tons, according to the data released today by Europol, which could indicate an improvement in demand in the European market. In Slide number 6, despite some improvement in volumes and list bulk prices during the quarter, average fixed prices for hardwood pulp in Europe were 55% lower in the first quarter of 2025 versus the same quarter last year and 2% below the fourth quarter of last year. In Slide number 7, we see dissolving pulp prices up 3% in the first quarter of 2025 versus last year's first quarter. Despite the more stable and lower volatile trend, dissolving pulp prices have corrected 4% in the first quarter of the current year versus last year in the fourth quarter. Our view is that the fear of a trade war could, in fact, affect the textile sector, and that was much more present in this segment than in the paper segment. Prices and demand in the textile value chain started to impact this market already in the first quarter of 2025. In Slide number 8, we show our production and volume sold in the first quarter of 2025, which, despite a positive growth quarter on quarter, the first quarter of 2024, which was the best quarter of last year. Going to Slide number 9, volume sold maintained a similar pattern when looking at sales per region, while the end use is led by tissue, with dissolving pulp increasing its weight to 15%, coming from 10% in 2023 and below that previously. I would now pass to Miguel Silva, the Group's CFO, who will comment on the main financial highlights of the quarter. Thank you, José. We now go to Slide 10, where we can see Altri's quarterly evolution of revenues and the EBITDA. Revenues have decreased 9% in the first quarter of 2025 year-on-year, but increased 10% over the previous quarter due to better volumes despite slightly lower bulk prices. At the EBITDA level, we have a reduction of 41% impacted not only by lower top line, but also due to higher energy instability related with the stoppage of a turbine at Selby and the ramp-up of the dissolving pulp at Biotech. Going to S lide 11, as a consequence of the mentioned effects, Altri posted a reduction in the EBITDA margin in the first quarter of 2025 to 14.5%. We believe the start of the turbine at Selby in late March and increasing dissolving pulp volumes in the quarter ahead in Biotech should bring higher efficiency levels. In Slide 12, we present the evolution of EBIT and net profit that reported also reduction, mainly due to a lower operating result. On Slide 13, we have some comments on the cost side. Although we have a negative evolution in cash costs in the first quarter of 2025, we believe cash costs can be stable in 2025 versus the average of 2024. On several items, and starting by the energy front, we expect the instability that led to additional costs in the quarter, but by the stoppage of the turbine at Selby to end in the second quarter of 2025, as we confirmed the turbine resumed operation at the end of March. Also, the increasing volumes and learning curve of dissolving pulp production at Biotech should contribute to improved efficiency over the course of the next quarter. Wood prices have been fairly stable during the first quarter of 2025, in line with the situation we have seen during 2024. With the exception of caustic soda, where we saw a slight increase since the fourth quarter of 2024 due to some supply issues, chemical prices have been trending downward since 2023 almost every quarter. Slide 14 refers to net debt reduction of EUR 3 million during the first quarter. Lower EBITDA numbers with higher CapEx levels reduced our room to decrease net debt levels. I will now pass the word back to José Pina. Thank you, Miguel. Slide number 15 mentions Altri's ROC level in the first quarter of 2025, which continues at a healthy 21%. The current level of ROC continues above Altri's history of 18% and clearly above the industry average. Turning to Slide number 16, we share an update of some sustainability developments and efforts of the Group during the quarter. Altri was recognized by Sustainalytics, one of the top ESG-rated agencies, as an ESG top-rated company, an honor given to the top five companies in the pulp and forest industry worldwide. During the awards section, Altri also received an ESG distinction for transparency and performance attributed by the top Portuguese bank, Caixa Geral de Depósitos, being the main criteria for transparency and integration of good ESG practices into management policies. Turning to Slide 17, and although a few quarters away from completion, we share the main figures of the acetic acid and fructose production units at Kaima. Total CapEx of EUR 25 million, partially financed by green funds, should return a stable annual EBITDA of EUR 5 million, with an expected IRR above 15%, depending on the final subsidy level. In Slide number 18, we have some figures about the fluid migration of Biotech BHKP production into dissolving pulp. We highlight the average selling price of dissolving pulp to be 41% higher on average in the past five years, with an expected operating cost 10%-15% above BHKP's cost. In Slide number 19, we have some highlights on the GAMA project, which includes an expected CapEx of roughly EUR 1 billion and an IRR estimated to be above 10%. During the first quarter, the Altri Group received a positive environmental impact statement for the GAMA project in Galicia, which is an important step in the environmental committee underway for the project. Finally, in Slide 20, some challenging forward-looking. After some stagnation in the second half of 2024, we have seen a rebound in global demand in the first three months of 2025, in particular out of Asia, China. Europe and North America continue to show less positive figures after a strong 2024, but the main driver for the industry continues to be Asia. More recently, April's announcement by the U.S. of tariffs on a large scale of imports raised short-term economic uncertainty in China. That is leading to a slowdown in China's pulp demand during the second quarter of 2025 and is putting pulp prices under pressure in the short term. This could rapidly reverse if the U.S. commercial policy tariffs turn softer. The Altri Group maintains a stable outlook for variable costs in 2025, despite a temporary increase recorded in the first quarter. We expect, therefore, a normalization over the coming quarters with the startup of the cogeneration turbine at Selby, which occurred, as we said, in late March, and a gradual improvement in production efficiency of dissolving pulp at Biotech. On the growth and diversification front, the full conversion of paper pulp into dissolving pulp at Biotech should be completed by the end of 2026. We expect to produce over 50,000 tons of dissolving pulp in 2025. The acetic acid and fructose project at Kaima should start in early 2026, allowing to add to our portfolio a new high-value-added product. Overall, the Group continues to work to expand its product portfolio in line with the strategic focus, particularly in sustainable textile products. In conclusion, Altri had a soft first quarter 2025. For the rest of the year, we expect to overcome the operating issues which we have mentioned during the first quarter and further progress on our growth projects and execute our strategic plan, delivering value to all our shareholders. Thank you for your attention, and we look forward to your questions. Ladies and gentlemen, the Q&A session starts now. As a reminder, if you wish to ask a question, please press star followed by 5 on your telephone keypad. Our first question comes from Luis de Toledo from Oddo. Your line is now open. Please go ahead. Yeah, good morning. Thanks for taking my question. The first one would refer to the GAMA project. You received a positive environmental declaration, but you had some issues with regards to the applying of the next generation or recovery funds and so on. I've heard that you could consider alternative options. You've always highlighted the projects you've mentioned, and we know the returns and the potential investments. I read that you could analyze an alternative plan in Portugal of this project, but I haven't heard it from you. I think it was in the press. I don't know if it's rumors. It's something that you in the future could consider. That would be, yeah, that would be my question. Thank you, Luis. Regarding the GAMA project, as you know, it's a rather complex and expensive project, which has a complex permitting process. It's been moving forward as initially expected. We did receive the declaration of environmental impact in March, which was, we believe, a positive step towards the environmental license. The environmental declaration for a project of this complexity is a very thorough process, and the final declaration, which was issued, what it confirms is that the project complies or falls significantly beyond what are the current environmental regulations, both in Galicia, which are the most strict ones, or more strict than the Spanish, which in turn are more strict than the European ones. That was a very positive outcome, which I think demonstrated the compatibility of the project as it was initially structured. Now, that project still is undergoing, as I said, the permitting. The next step is the environmental integrated license, and we have a couple of other aspects to resolve in the coming months, starting with the connection to the electrical high voltage grid, as well as the funding. The funding, as we've stated, there are several avenues that we are exploring, and we will, in due course, provide more information. Regarding potential alternatives, this project is a very unique project. It was originally designed for Galicia on the back of an international contest where several international companies presented options, and in this case, Altri. The vehicle that was formed, Green Fiber, was selected as the industrial partner for the project, but it was very specific for the circumstances of where it's located. There is no, let's say, alternative project to this one. What we are working on, as we have always been, is on continuing to progress our growth and strategic agenda. We have already indicated several initiatives. The conversion of Biotech is an example of that. That's been always something that we have given serious consideration. It's moving to dissolving, which was already expected in our strategic plan in order to continue to grow our presence in this market that we see long-term with significant runway. It is complementary to GAMA. We have a few other initiatives that, in due course, we'll also indicate, but our strategic long-term objective is to continue to grow dissolving pulp production and to step further into textile sustainable fibers, and that will continue to do so irrespective of the final decision that we would make on the GAMA project. Thank you, Luis. Thank you very much. Thank you very much, José Pina. Ladies and gentlemen, please be reminded that in order to be able to ask a question, you must press the star key followed by 5 on your telephone keypad. Our next question comes from Manuel Lorente Ortega from Santander. Yes, hello. Good morning. My first question probably is on overall market trends. As you have perfectly mentioned, we are living in a kind of roller coaster since the beginning of the year. We had three consecutive price hikes, then an unexpected fall attempt. Then arrived Trump, and it looks like there has been a significant freeze on demand, especially in China. Now we are more in a de-escalation mood. Probably my question is, at what point are we? Have you really seen an impact on your April volumes or demand to support this freeze demand? Are you seeing a recovery on the coming, sorry, on the last weeks? What should we expect going forward? Thank you, Manuel. A few comments. Obviously, confirming most expectations, the overall environment in the pulp market was positive in the first quarter, and therefore we saw three consecutive price announcements and increases. This was on the back of what we saw as a slowdown in the second half of last year when new capacity was introduced in the market, and that is pretty much already up to full production. Looking specifically on the demand side, I mean, in the first quarter, we saw, I would say, positive demand, positive reinforcements regarding the price increases, which was justified partially on some capacity taken offline in China and also the expectations of economic growth numbers, which were significantly changed in April with the whole global tariff debacle. As you said, I think we're in a bit more of a de-escalation move, but the economic sentiment has been significantly affected, particularly in China and other parts of the world, but I would say especially in China. Given its importance in this market, it always takes somewhat of a toll in the remaining markets in global commodity. What we're seeing right now is prices in China are already near or at marginal cost for Chinese integrated producers. That's happened very, very quickly, and we expect going forward that some of these de-escalations would have a positive impact. I would say for our end, we remain cautious also because prices in Europe, which is our main market, tend to follow very much what happens in China. Therefore, today, we have an arbitrage still between European and Chinese prices. That arbitrage over time is likely to flow. The question is, what's going to happen with prices in China? We don't believe that once it reaches price levels below marginal cost of integrated players in China, which represents a significant amount of the global hardwood capacity, once they've reached that level, we don't see that it has much room to grow. If there is some positive indication, at least in terms of the economic sentiment, that could turn rather quickly. Nevertheless, we will remain cautious. What I could add to that is we haven't really seen, as in previous instances of similar points in the cycle, we haven't really seen a significant stepping in demand. Demand levels in Europe, I would say, remain fairly positive. We've seen in the inventory numbers that European ports, I think I mentioned that in the initial introduction, a 13% reduction month on month in April. These are numbers for April. We will see how this month will evolve. That is certainly positive. The other aspect is that pulp inventories at producer levels also remain relatively low. There is not a whole lot of slack in the supply chain in the industry that could sustain a long-term downturn. With that said, and given the amount of uncertainty that was introduced in April with these global trade policies, I think we remain and will continue to be relatively prudent in the coming months. I see. This framework or this message, does it apply to the same stance to the dissolving where we have seen, let's say, probably a softer demand starting on the year and a higher correction on prices? Is this just, let's say, the reversion from a clearly outperformance in 2024, for example, versus standard pulp, or is there any other supply-demand considerations that have been playing a role in recent performance? No, I think it just introduced this whole trade policy has introduced significant uncertainty in multiple markets, multiple industrial markets, and this has repercussions. You have seen on global trade, I think it was up to 50% this month, 50% of freight liners that were going to the U.S., which basically were reduced in the current month. That has an impact. The overall, as I said, the overall economic sentiment takes a little while to be resolved. I think we are on, as you stated, on a de-escalation mode. We do not see, from a supply standpoint, new capacity coming on stream, not this year. There is some integrated capacity in China. That has been, I will say, the story of the last 24 months. Apart from that, I mean, demand continues to be, I would say, positive if you look at first quarter 2025 on hardwood, 4.5% growth in China, significant growth as well. On the second quarter, that story, I would assume, is going to be somewhat more dampened because of this current situation. No additional supply. Demand has been fair, and I think that's one of the background reasons is, as I've mentioned, the overall inventory level at producers and within the chain are not very significant. That usually tends to tighten, at least on the demand side. Whether prices will follow, we would expect that to be a reaction, especially if they've reached marginal cost levels in China. It will take likely some time. If we look at the rest of the year, I mean, we've said that in our last call, I think the second half, in particular, late Q3 and Q4, would likely see a potential reverse of this situation. But it all depends what the next one to two months bring. Okay. Great. Thank you. Thank you, Manuel. Ladies and gentlemen, please be reminded that in order to be able to ask a question, you must press the star key followed by five on your telephone keypad. Our next question comes from Antonio Seladas from AS Independent Research. Your line is open. Please go ahead. Good morning, sorry. Thank you for taking my questions, and thank you for the presentation. I have a few questions. In terms of extraordinary costs over the first quarter, I do not know if you can provide some figure regarding your turbine problems at Selby and the rev up at dissolving. I think that over the fourth quarter, you mentioned EUR 3.5 million of extraordinary costs. I do not know if this figure is okay for this quarter, for the first quarter. This is the first question. Second question, in terms of wood prices, if you can provide some information, some color, because from my perception, it seems that prices are stable at high levels. The third question is related with the dissolving market. It seems that there is some weakness on prices and demand. You mentioned it in the presentation. If you can provide more color on it. Finally, in terms of volumes, I understood that volumes should be under pressure over the second quarter and probably over the remainder of the year. I do not know if you want to provide some figure or if you believe that the uncertainty is so high that you prefer to not provide any figure. Thank you very much. Thank you, Antonio. I'll bet on the cost question. Perhaps Miguel will provide some more clarity. Yeah. In terms of the extra costs, I think it's a little bit difficult to have an exact amount of what is the extra cost. Maybe it's easier if we talk in terms of cash cost levels. As we said before, the turbine was not working from the beginning of October 2024 until late March 2025. It now has resumed operation. The energy that we do not sell was compensated by the insurance policy. There was only an off-effect that was already in 2024, around EUR 6 million. There is also some impact in terms of stability of the plant, as we said in our presentation. Due to that, it's true we had a higher cash cost in this first quarter. What we can say is that, and we have already that in this month of April, the plant ran at normal levels. What we expect is that in the following quarters, cash cost return to the average levels, I would say, of 2024. Yeah. Following up in terms of your question on wood prices, I mean, I think wood prices, as we see them right now, are relatively stable. They are certainly not at the peak of what we saw in 2022. Those have corrected somewhat over the last couple of years. Last year was very stable. This year is very stable. We see, from a supply standpoint, good numbers. There is more activity, certainly, in the forest wood harvesting in both Portugal, or I should say, overall in the Iberian Peninsula. That should continue to provide a stable backdrop for prices throughout the year. We do not see at least any significant inflationary pressures here. Regarding dissolving wood pulps, in terms of the supply demand, I mean, we did see softer demand, particularly in the first quarter. There was clearly an anticipation of some uncertainty in global markets. That led into a second quarter in China. For example, some of the mills clearly were being very cautious in their production levels. They were primarily working through their inventory levels. Ultimately, that also has a limit. We see that some of the potential inventory levels are coming down, and that will likely prompt some strengthening of demand, certainly in the next quarter. In terms of supply on dissolving, we saw early in the first quarter a large Latin American producer swing from pulp to paper pulp to dissolving wood pulp. Although over time, that particular producer has most of that capacity likely dedicated to be captive within their operations globally. I think that has a temporary effect, but over the next few quarters, that should not be as significant. Regarding volumes, as I said, particularly on paper pulp, we have seen a decrease in inventory levels in April at ports. Most producers, from what we understand, and certainly Altri, we have been running with a fairly low inventory level. We have done that on purpose. We have been very careful in terms of how we manage our balance in order to ensure that we keep a good, healthy level while being ready for any surge that may take place over the next few months. I would say, overall, volumes are pretty okay as it stands right now. Unless this de-escalation that we've seen in the tariffs takes a turn for the worse, they should continue to do so. Thank you, Antonio. Okay. Thank you very much. There are no further questions from the conference call. We'll start now with the written questions. We have three separate questions coming from Bruno Felipe Bessa from Caixa Geral de Depósitos. Question one, what is your perception in terms of market demand impact coming from the new vertically integrated pulp plants starting up in China in 2025? Question two, could you please provide some update on the ongoing constraints for the GAMA project? What is your level of confidence today versus early 2025? And question three, there was a significant decline in D&A year over year in the first quarter of 2025. Could you please explain? Thank you for the question. Perhaps we start with that last one. I'll hand over to Miguel for comment. Yeah. Depreciation usually had to do with the lifecycle of equipment. As we are beginning this new year of 2025, this relates to equipment that are no longer being depreciated. We can do the follow-up later with Rui or with myself if you have any further questions on this. Thank you, Miguel. Regarding these two questions, these are relatively new setups with very integrated pulp plants which are starting in 2025. It is taking advantage of domestically available wood. I would say in the near term, because of the downturn in property and construction activity in China, there has been a significant increase in the availability of domestic wood, which has fed into these new plants. I think if we look over the long term, those plants will continue to be under pressure in terms of cost, one, because the current forestry activity in China is not really geared towards the paper pulp market. It has been developed for higher value activities, and particularly in construction. The renewal of those forestry assets will be under question in the medium-long term. That may reduce some of the incentives for how economically viable those plants are, depending on price levels. We know in China, overall, even considering domestic availability of wood, the prices are not extremely competitive. It will nevertheless introduce some turbulence in the supply-demand balance for imports of paper pulp, particularly in China. I have mentioned before, I think currently at the present price levels in China, we should be seeing at or below marginal cost levels. Whether that will significantly incentivize the demand pulp in terms of imports, we feel that in the near term, that is likely to be the case, despite the fact that we have had this integration. On the one hand, we have raw material uncertainty. On the other hand, overall, cash costs are not, even though they are competitive, but they are not significantly more competitive at the current price level. That should not necessarily have a significant effect on downstream demand. That's probably where the question remains, because of your overall tariff policies that have been implemented. Even though currently, we're under a de-escalation process, this is only for three months. We don't know effectively what's going to happen after three months. That's clearly going to weigh on the sentiment of how those plants are going to be run in the near term. Regarding your second question in terms of the ongoing project GAMA, in terms of the level of confidence versus early 2025, I'll say is actually it's at either similar or even higher. I mean, we've had a significant milestone during the first quarter, which was the declaration of the environmental impact declaration. That was a very significant milestone. I mean, these projects, as you may be familiar, are large, complex projects. This is not a sprint. It's an endurance run. We have to go on the different stages. This one was, as I said, a very significant one. We are now looking forward to the conclusion of the permitting process through the environmental integrated license. From that, with the two remaining elements that I have mentioned before, the electricity grid connection and ultimately the overall financing. I think at this point, we have to continue to look forward to how that is going to evolve. Just reiterating, we are as confident, if not more confident, especially after the declaration of environmental impact assessment. Thank you, Bruno. We have three more questions coming from Carlos Jesus from Caixa Geral de Depósitos. The first question is, the average 41% premium of DP prices versus BHKP is related to net BHKP prices after discounts. Are DP also subject to discounts, or should we assume zero? The second question is, how do you see the upward trend of European versus Chinese BHKP prices since 2021? Do you expect the same levels of spreads going forward, or should we expect a reversion to lower levels? The third question, where do you expect annual CapEx in 2025 to end at? Okay. Thank you for your questions. Regarding the first one, yes, the average 41% premium of DP prices versus BHKP is effectively related to net profit. The dissolving pulp market is not subject to discounts as such. There may be some incentives on volume. These are commercial incentives, which are typical of most markets. It does not operate on a discount price system such as the same that you have in Europe. Effectively, it operates as well on net prices. Regarding upward trend, European versus Chinese BHKP since 2021, I think there's always somewhat of a spread between European and Chinese prices. Chinese prices tend to move significantly faster, either upwards or downwards. I haven't seen a situation where we've had a price parity or a very prolonged price parity between the two. I think the dynamics in Europe and in China are quite different. Europe, as you know, has a significant shortage of hardwood, domestically produced hardwood, of 8 million tons that Europe consumes on a yearly basis of hardwood. Two-thirds, over two-thirds, is imported. That's not going to change. The dynamics in terms of the length of supply chain and the development of specific demand on the various segments, I think those dynamics will remain. Tissue has continued to grow. You've seen demand for print and writing a bit more under pressure over the years. I would say the European market is fairly stable. The Chinese market is less, I would say, transparent in terms of the dynamics. A lot of producers in China, also traders, domestically of pulp. Particularly when prices are relatively low, a lot of customers/traders tend to make significant purchases. Obviously, they do it with the expectation that prices will rise. They'll be careful to ensure that there is some upward momentum. It is very different dynamics than you see in the European market. The Chinese market is much more of a, what I would call, a trader's market versus the European market being obviously an end user in terms of the industries that are served by it. I would continue to see some spread between the two. Historically, that has been the case. The overall price levels are likely to increase longer term. We've seen that trend in recent years, and that's likely to continue. Overall, you have inflationary pressures. If you look at the availability of raw material of wood in global markets, and particularly in Latin America, it's becoming tight. Most of the new plants are sourcing wood from ever-increasingly more distant sources. There are plants being sourced today at 600, 700, 800 kilometers away in a relatively inefficient supply infrastructure. Effectively, we've seen prices in Latin America for wood doubling in the last few years. There is no reason why that situation will change. On the contrary, it's actually likely to become more severe. In fact, even when we look at prices, at the availability of raw material for some of the projects that have been announced in two, three, four years' time, I think there's no certainty in terms of supply to those projects, which could question even the viability of those projects. It is a very dynamic global market, but we should continue to see overall a price gap between the two regions and overall an increasing price level, if nothing else, as I said, pressured by inflation. There are other factors impacting it as well, as I've described. With respect to your final question, in terms of annual CapEx to end, I mean, this year, we're undergoing some increased investment, in particular with the conversion of Biotech. Our expectation is, compared to last year, it will be somewhat higher, but our expectation will be somewhat above EUR 60 million or in the range of EUR 60 million for the year. Thank you very much. There are no further questions. I will hand over the session to Mr. José Soares de Pina, Altri's CEO. Thank you very much for joining our conference call. We wish you a good rest of the day. Thank you.