Good morning. We welcome you to the Altri Q1 2026 results conference call. I'll now hand the conference over to Mr. Rui Cesário, the Head of IR of the Altri Group. Please go ahead, sir. Good morning, everyone, and thank you for joining Altri's first quarter 2026 results conference call. Today, we'll review our financial performance, market conditions, operational highlights, and outlook, followed by a Q&A session. Joining us this morning are Mr. José Pina, Altri's Chief Executive Officer, and Mr. Miguel Silva, the group's Chief Financial Officer. I will now pass the floor to Mr. José Pina. Thank you, Rui. Good morning, and thank you for joining Altri's conference call. We are pleased to welcome our investors and analysts today as we present our results and share our perspective on the current market environment and the key challenges we face. Turning now to our main highlights for the first quarter of 2026. As we start with the pulp market environment, it is important to note, following a very challenging year for the global pulp sector in 2025, we are beginning to see some more constructive dynamics emerging in early 2026. Supply and demand conditions appear more balanced, and the tariffs announced by the United States have so far been largely absorbed along the value chain. Stronger demand from China provided support to recent BHKP price increases, while dissolving pulp continues to improve its competitiveness versus fossil fuel-based synthetic fibers, thus reinforcing the long-term attractiveness of our product mix. The first quarter was clearly impacted by extraordinary non-recurring operational challenges. Several storms, severe storms in Portugal, affected logistics, energy costs, and overall operations, which combined with lower net pulp prices and the depreciation of the U.S. dollar, weighted significantly on our results. EBITDA in the quarter reached EUR 5.4 million, corresponding to a margin of 3.4%, compared with 14.5% in the same period last year. These impacts were temporary. Operations have now been largely normalized, as we move into the second quarter, we expect a meaningful improvement in profitability, supported by better pricing dynamics and continued focus on cost efficiency. Our strategy to diversify earnings and expand into higher value sustainable businesses continues to advance according to plan. At Caima, the acetic acid and furfural project is progressing well and is expected to be concluded in June 2026 as planned. This project represents an important step in maximizing the value of our biomass energy streams and strengthening our positioning within the bio-based chemical space. At Biotek, the migration of BHKP production to dissolving pulp remains on track, with full migration expected by the end of 2026. This transition is key to enhancing product mix resilience and capturing structural demand in specialty fiber applications. In parallel, we have initiated investment in a pre-industrial filament unit aimed at scaling up AeoniQ, our shared company in Switzerland. This allow us to increase production capacity, accelerate customer qualification processes, and further position Altri in the fast-growing market for sustainable textile fibers. This unit will be installed in Caima. Taken together, these initiatives clearly illustrate our long-term growth strategy, disciplined execution, diversification beyond traditional pulp and higher value products, as well as continued focus on sustainable value-added solutions. Moving on to the following slide on market highlights for the first quarter. Global pulp demand had a slow start of the year, reflecting the still cautious macroeconomic environment. Overall demand declined by close to 4% year-on-year in the first quarter, with softer consumption across most pulp grades. That said, some structural trends remain unchanged and continue to support our strategic positioning. Hardwood pulp continues to gain share versus softwood, with hardwood demand declining significantly less than softwood in the quarter. This trend reinforces the long-term attractiveness of Altri's asset base, which is fully focused on hardwood pulp. From a regional perspective, China once again outperformed the global market. While global hardwood demand declined by 2.4% year-on-year, demand in China remained broadly stable, highlighting the resilience of this key market and its importance for global balance. North America also showed positive dynamics while Europe remained more subdued. Turning now specifically to the dissolving pulp markets. Dissolving pulp continues to recover following a very challenging 2025. As we move into early 2026, the impact of the U.S. tariffs is increasingly being absorbed across the value chain, allowing market fundamentals to gradually reassert themselves. At the same time, dissolving pulp is becoming more competitive versus fossil-based synthetic fibers. This is an important structural development as it supports demand in textile applications and reinforces the long-term sustainability case for cellulosic fibers. From a regional perspective, China remains by far the largest and most important market for dissolving pulp. In the first two months of 2026, demand in China grew by around 4.5% year-on-year, contributing to overall global demand growth of close to 1%. Asia as a whole continues to drive market recovery, more than offsetting weaker dynamics in Europe. Just to reinforce, utilization rates at our customers, and particularly in viscose in China, remain well above 90%. Overall, while the recovery is still gradual, the direction is clearly positive and fully aligned with our strategic focus on dissolving pulp and supports our ongoing conversion and growth initiatives in textiles. Let me now briefly comment on inventory levels, turning to slide number five. Inventories at European ports have remained broadly stable and close to historical averages since the second half of 2024. As you can see, stock levels have been consistently within the range of approximately 1.4 million-1.5 million tons. This stability is an important signal to the market. Despite the weaker demand environment at the start of the year, inventories have not built up to excessive levels, indicating that supply and demand remain relatively well balanced. Moving from demand and inventories to pricing, let me briefly comment on BHKP price in Europe during the quarter in slide number six. In the first quarter, we started to see a clearer picture recovery in BHKP in Europe, particularly as the quarter progressed. On average, BHKP prices in the first quarter of 2026 were up 13% year-on-year in U.S. dollars, but only up 1% in euros, which highlights the impact of the weaker dollar versus last year. Importantly, if we look at the sequential trend, pricing momentum improved meaningfully during the quarter. On a quarter-on-quarter basis, BHKP prices rebounded by 12% in U.S. dollars or 11% in euros, indicating improving fundamentals as we move through the period. Consistently with that, the FOEX index ended March at $1,286 per ton or EUR 1,112 per ton. Overall, this pricing trajectory supports our expectations of improved profitability as we move into the second quarter with more normalized operations and continued cost saves. Let me now turn to dissolving pulp pricing, which is more closely aligned to the textile value chain. Dissolving pulp prices were more affected during 2025 by macroeconomic uncertainty, particularly in the textile sector as a consequence of the potential impact from U.S. tariffs on Asian value chains. Pricing dynamics in dissolving pulp lagged those of commodity pulp during most of the last six months. In China, which remains the reference market for dissolving pulp, average imported hardwood dissolving pulp prices declined year-on-year, moving from around $940 per ton in the first quarter of 2025 to approximately $810 per ton in the first quarter of 2026. These are net prices, as you know, in China. Pricing overall remains relatively stable through the second half of 2025, reflecting cautious demand and inventory adjustments along the textile chain. Importantly, we started to see a recovery in March. Prices bottomed early in the quarter and ended March at around $835 per ton and now more recently, already moving closer to $880 per ton, signaling improving sentiment and a gradual normalization of demand conditions. While the recovery remains gradual, this recent improvement is encouraging and is consistent with our view that dissolving pulp fundamentals are stabilizing, supported by improved competitiveness versus synthetic fibers and the long-term growth of sustainable textile applications. Let me now turn to Altri-specific operational highlights for the 1st quarter in slide number eight. Production volumes in the first quarter of 2026 decreased materially compared with last year. This was primarily due to two factors, a program maintenance downtime at Celbi and severe storms in Portugal, which affected operations across all mills. These events had a clear but temporary impact on production. Importantly, they were largely non-recurring in nature and indicate the Celbi fully as planned as part of our maintenance strategy. Despite the lower production volumes, sales volumes were less affected. This reflects our priority to maintain a regular and reliable supply to our customers despite all the implications of the storms, drawing on inventory management and operational flexibility to minimize disruption along the value chain. As conditions normalized towards the end of the year, operations returned to expected levels, and we entered the second quarter with normalized production, improved availability, and a stronger operational base to benefit from the improving market and pricing environment. Let me now comment briefly on our sales mix in slide number nine, both by end use and by region. Production and sales volumes in 2025 remain broadly in line with 2024, despite a softer demand environment in Europe. Some logistical constraints temporarily delayed dissolving pulp shipments, but we expect full normalization from the second quarter of 2026 onwards. Tissue remains our most important end-use segment in the first quarter, representing 39% of total sales volumes. The decline versus previous periods, usually in the high 40%, were mainly due to temporary order delay, as well as logistics complications rather than any structural change in demand. At the same time, we continue to see textiles as a key growth area. In the first quarter, textile-related applications represented already 14% of sales volumes, and this share is expected to continue to increase over time as dissolving pulp volumes ramp up, particularly at Biotek. From a regional perspective, Europe continues to account for most of our sales, representing 61% of total volumes. However, Asia already represents 19%, and this share is expected to grow as our exposure to dissolving pulp and textile end users increases. Overall, this sales mix evolution is fully aligned with our strategic diversification objectives, maintaining a strong position in traditional tissue and paper markets while progressively increasing our exposure to higher growth textile-related and Asian markets. I'll now pass the floor to Miguel Silva, Altri's Chief Financial Officer, who will walk you through the main financial highlights of the year. Thank you, José, and good morning, everyone. In slide 10, and starting with our financial highlights for the first quarter of 2026, revenues declined year-on-year, reflecting lower net pulp prices and the weaker U.S. dollar versus the euro, which had a negative effect on reported revenues. One of the main effects affecting net pulp prices was the increase in discounts implemented in January of 2026. In addition to pricing and FX, the quarter was also impacted by control increases in logistics and energy costs, largely related to the severe storm in Portugal that José referred to earlier. As a result of these combined factors, EBITDA reached EUR 5.4 million in the first quarter, representing a historically low level for the group. It is important to stress, however, that this performance was mainly driven by temporary and largely non-recurring factors, including operational disruptions and market conditions at the start of the year. As we move into the second quarter, we are already seeing a much more supportive environment with higher net pulp prices, normalized operation, and lower extraordinary costs, which give us confidence in a sequential improvement in profitability. Turning to slide 11, it summarizes the evolution of our EBITDA margin over the last five quarters. As a consequence of the factors we have just discussed, namely lower net pulp prices, the weaker U.S. dollar versus the euro, the extraordinary logistics and energy costs linked to the severe storms together with lower production due to the planned downtime, our EBITDA margin was under significant pressure in the first quarter of 2026. You can see that margins were relatively solid through most of 2025, with 14.5% in the first quarter, 16.7% in the second quarter of 2025, and 15% in the fourth quarter of 2025. While third quarter reflected a softer point in the cycle at 7.1%. In the first quarter of 2026, the margin declined to 3.4%, reflecting the combination of market headwinds and operational disruptions concentrated in the quarter. As we move through the second quarter, we expect the margin to recover sequentially, supported by better pricing, normalized production, and a reduction in exceptional costs. Moving down to the income statement in slide 12, the low EBITDA level in the quarter naturally translated into an operating loss and a net loss in this first quarter of 2026. EBITDA margin remained under pressure in 2025 due to the already mentioned lower prices and the weaker U.S. dollar. In the fourth quarter, margins began to recover as market conditions and FX stabilized. As shown on the left-hand side, we reported an EBIT of -EUR 6 million in Q1 2026, compared with EUR 13 million in Q4 2025 and EUR 18 million in Q1 2025. This reflects the same combination of factors we discussed earlier, lower net pulp prices, the weaker US dollar versus the euro, and the extraordinary logistics and energy costs linked to the severe storm, together with the impact of planned downtime and lower production. On the right-hand side, net profit was -EUR 7 million in Q1 2026, versus EUR 9 million in Q4 2025 and EUR 8 million in Q1 2025. In other words, the sharp decline in operating profitability during the quarter was the key driver of the bottom line outcome. Turning now to costs on slide 15. As analyzed on this slide, operating costs were abnormally higher in the first quarter, mainly driven by logistics and energy costs, both of which were temporarily impacted by the storm in Portugal. We expect these effects to normalize in the second quarter of 2026. Nevertheless, we have started to see some inflation pressures in certain cost items for the rest of 2026. On wood costs, average prices in 2026 remain broadly in line with the 2025 average. That said, we may see some inflation during the year, mainly due to the recent storms in Portugal. These events temporarily constrained local availability and required us to source additional volumes, sometimes from alternative or more distant suppliers. At this stage, we see this as temporary rather than structural. Moving to electricity and natural gas. The severe weather conditions in Portugal affected all mills, leading to several days of downtime and production restriction. This had a direct impact on energy consumption and production efficiency during the quarter. At the same time, the quarter also included programmed downtime at Celbi, and we faced additional costs linked to power grid instability. Finally, energy prices, particularly gas, saw some upward pressure since March following geopolitical developments in Iran. On chemicals, prices have remained broadly stable since 2024, although, as expected, they are correlated with energy prices. During the second quarter of 2026, we have started to see some inflationary pressures, mainly on caustic soda, but it remains manageable and within our expectations. Turning now to net debts on slide 14. As shown on this bridge, net debts increased during this first quarter, reflecting the fact that investment levels exceed operating cash flow in this period. Net debt moved to EUR 329 million at the end of December 2025 to EUR 348 million at the end of March 2026, an increase of around EUR 90 million. The CapEx level of EUR 15 million and some other commitments exceeded the operating cash flow generation of EUR 5 million. In summary, the increase in net debt in the first quarter is primarily investment driven, remains well controlled, and is fully consistent with our capital allocation strategy. Importantly, we continue to maintain a solid balance sheet and a very comfortable liquidity position. I will now pass it back to José. Thank you, Miguel. Turning now to returns on capital employed on slide number 15. As this slide illustrates, we are currently going through a challenging cyclical period for the global pulp industry, which has resulted in a modest ROC. This level is clearly below our historic double-digit average, which stands at around 15%, and also well below the strong returns we delivered in previous up-cycle years, such as 2022 and 2024. It is important to stress that this performance is cyclical, not structural. Altri's assets remain high quality, competitive, and cash generating across the cycle. Our capital discipline has not changed. Let me now turn to ESG and sustainability, which remains a core pillar of Altri's long-term strategy in slide 16. First, on sustainable logistics, Altri was awarded the Annual Sustainable Transport Certificate 2025 by MEDWAY. This recognition reflects our increasing use of rail transport, which directly contributes to the reduction of greenhouse gas emissions measured in tons of CO2 equivalent. Second, on partnerships, Altri Florestal formalized a strategic partnership with Eucaforest, a company of the Caisse de Dépôt et de Gestion group, during the SIAM event in Morocco. This partnership is focused on technical and scientific cooperation in forestry, while also supporting the identification of additional sustainable sources of fiber. Finally, on net zero, Altri is actively implementing its transition roadmap, fully aligned with international best practices as a long-term decarbonization strategy. During 2026, the group committed to the Science Based Targets initiative with the objective of achieving carbon neutrality by 2050 and a two-year timeframe to formally submit our targets. For slides 17-20, we have some highlights of the growth and diversification projects we have on the way. The first of these projects to be finalized is the acetic acid and furfural production unit at Caima that should start operating in 2026. To conclude, in turning to slide 21 and 22, let me briefly summarize our perspectives on strategic execution. We enter 2026 with a more supportive demand environment following a highly volatile 2025. We are seeing a recovery in demand from China in the hardwood segment, where Altri has significant exposure, as well as early signs of a more sustainable recovery in dissolving pulp. This improvement in demand is increasingly being reflected in pricing trends. In particular, BHKP prices in Europe increased for five consecutive months between January and May. As usual, this positive price momentum reaches our accounts with a lag of around two months. Dissolving pulp prices have also shown a favorable evolution, especially from March onwards. On the cost side, we expect a normalization of the non-recurring impacts stated previously in the first quarter, particularly in logistics and energy. Taken together, the combination of improving prices and a more efficient cost base supports our expectations of a meaningful recovery in profitability in the second quarter of 2026 compared to the first. Fourth, in parallel, we continue to execute on our strategic diversification project. The conversion of Biotek to dissolving pulp is progressing as planned. The conversion remains on track for completion by the end of the current year, with multiple customer qualifications expected to be gradually overcome during the year. At Caima, the acetic acid and furfural valorization project is expected to start operations in June, followed by a gradual ramp-up towards near full capacity by year-end. At the same time, we continue to invest in AeoniQ with the installation of a pre-industrial unit in Caima, supporting the acceleration of production scale-up and customer qualification in the sustainable textile fiber segment. To conclude, while the recent near-term environment challenging, we are now seeing early signs of improvement in demand and pricing alongside the normalization of costs. At the same time, we continue to execute with discipline on our strategic priorities, strengthening our positioning for the next phase of the cycle. Altri remains financially solid, operationally resilient, and focused on creating sustainable long-term value for all stakeholders. Thank you for your attention, 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 five on your telephone keypad. Our first question comes from Manuel Lorente Ortega from Santander. Please go ahead. Yes. Hello, good afternoon. My first question probably it's on European trends. I'm a little bit struggling to justify the current price strength, especially considering the Chinese pricing backdrop or the, as you were mentioning in one of your slides, the drop in demand on the quarter and also the very complicated situation of the softwood regime in Europe. I would like your thoughts regarding what is driving this pricing divergence between Europe and China, especially in this context of somehow high risk on the softwood arena. Thank you, Manuel. What I would say when we look at pricing, effectively progression on prices in Europe has been faster than in China, although the process originally started in China. I think in China, the recent event of integrated suppliers clearly had an impact in terms of resisting some of the price changes. Nevertheless, demand in China remains supportive. Demand in Europe is a little bit more subdued. As you know, Europe is a relatively stable market. Overall, what I would point is the market remains balanced in Europe, and I think that has been the primary driver especially of these prices. Also the pricing structure, as you know, China works on net pricing. Europe works on contracts, and the discount levels that were operated from the beginning of the year effectively prompted producers to be more active in terms of price management. That was clearly the case. When you look on a net-net basis, even though Europe has been ahead, if I look at the inventories at port levels in Europe, they remain pretty much in line with historical trends. Effectively, there's been even a slight reduction more recently in March. I think Europe is in a fairly stable place. The announcement of $50 increase from May, we have at this point, full confidence that it's going to go through, although, as you know, it gets reflected in this later on. The other aspect regarding the dynamics between softwood and hardwood, we know there's been fiber-to-fiber substitution. In the past, that has been at points reversed. I would say the more recent trend, and because of the weakness in the softwood markets, is perhaps a demonstration that some of that substitution is potentially definitive and would not have the same dynamics, perhaps, as in the past. I would continue to expect to see fiber-to-fiber substitution going forward and supporting hardwood prices, and in this case, in particular. Understood. A second question, Q1 results has been severely conditioned by the extreme weather conditions in Portugal, as you mentioned. It will be great if you can give a sense of idea of what has been the impact, I don't know, in terms of revenues or profitability levels to address, let's say, the underlying trend of the business in the current backdrop? Thank you, Manuel. Regarding the significant storms we've had in late January and actually all through parts of February, sometimes perhaps outside of the country, the full impact has not been fully understood. We've had a series of storms, not just Christmas, but after Christmas, there were at least two additional storms, very much in the same area. We've had winds in excess of 200 km an hour, which is highly unusual. The prior situation, or close to prior to similar conditions, have been back in 2018 with Leslie. Obviously, this has, as we've explained, significant impact, not just in terms of the stability of operations. We've had continuous shutdowns until operations stabilized. We were able to do controlled stops in all our units ahead of the storm or the day before the storm in expectation of the severity of the storm as it came through. Beyond our facilities, I would say the two most significant impacts were on, first of all, obviously energy, because it requires significantly more consumption, particularly with natural gas, when you have unstable operations. Biotek was shut down for close to two weeks. That dealt with a particular incident where one of the cranes that is installed for the new line field, which will be operational by the end of the third quarter, actually collapsed, even though the damage was minimized. There was a series of events, but beyond that, you have logistics, apart from communications. For three, four days, there were significant restrictions in communications in the area. We resorted to, obviously, satellite, and that helped us overcome some of the constraints. On logistics in particular, we had the main port of Figueira da Foz shutting down, essentially, for a month. It had already had some complications back in December, which delayed some of the shipments. Because of the storm, essentially was shut down for about a month. You've had rail shutdowns. The main line to Biotek, for example, was shut down because of damage in the line that's still being restored, and we don't expect that to be restored, possibly, for a few more months. All in all, you start building all of these complications, reduced production levels, very tightly controlled sales because we wanted to maintain service levels for our customers. Higher energy costs, higher logistic costs. On the fiber, the fact that we have to resort to additional sources and more expensive sources of raw material of wood. As you can imagine, I think the public figures, there's been well over 30,000 hectares impacted in terms of forestry. That's now being resolved, but it will also take some time. We would estimate at least that numbers in terms of full impact, possibly closer to the range of about 10,000. Okay, thank you. You're welcome. Just to say, Manuel, that for most of those situations, with a few exceptions has now normalized, and this is reflective of the comments we made regarding how are we looking at Q2 and onwards. Our next question comes from Bruno Bessa from CaixaBank. Please go ahead. Good morning, everyone. Thank you for taking my questions. I will start with the dynamics of the pulp industry and following up on this topic. We have seen prices going up, it's true that we have also seen some resistance in China over the last month or something like that. It seems like the last price increase that has been announced for China has not been passed through, and there are difficulties in the market to see that. It is also true that next year will be a year of significant new capacities coming to the market in Indonesia. Already by the end of this year, it is also expected that some Chinese players accelerate again new capacities to the market. My question here is, I understand that you are more positive for Q2 because prices are going up, cash costs are going down. How long do you think we could see an improvement in the market in terms of pricing, considering all these dynamics in terms of the supply and evolution and the risks that exist on the demand front, considering the current macro backdrop? Are you concerned about prices heading into the end of the year? Do you think the price increase announced in China will be passed through? There is room for prices to go even above those levels until the end of the year. Just trying to get here a bit of your view about the potential for pulp prices to continue going up. This will be my first question. My second question will be related with the conflict in Iran. You already mentioned that there are some risks on the cash cost front because of logistics and energy costs, even though you are partially hedged. Just trying to understand if you are seeing any kind of slowdown in the demand caused by this conflict. If you could guide us a bit on your expectations in terms of impact coming out of this conflict, it will be great. The last one, just a bit of housekeeping work and looking to the message that you provided and the guidelines that you provided in the last earnings call. You mentioned that you were expecting by then cash costs to be up by low single digits in the year. You were also mentioning EUR 50 million-EUR 60 million CapEx for this year and net debt to be at the same level as in 2025, which I believe was EUR 329 million. Just trying to understand if you keep these guidelines provided in the last conference call or not. Thank you very much. Thank you, Bruno. Let me start with the first question regarding the product dynamics. You mentioned multiple comments regarding, I'll say, more recent resistance, in particular seen in China. I think I've commented already regarding the European situation, which we believe has been supportive and will continue to be supportive. In China, effectively, there's been some more resistance. Regarding the last price increase, we don't see it as not having gone through. I think partially went through, not fully as was originally intended. That dealt with some of the dynamics related to the market and some of the new integrated capacities coming onto the market as well. When you look at it in the near term, so in the next year and a half, effectively in Indonesia, you have the OKI II project. That has been already delayed. There is an expectation that perhaps it will not necessarily come on stream as expected late this year, early next year. We'll have to see to that. The project has been delayed. As you know, Indonesia has implemented significant forestry limitations, restrictions. Those haven't yet fully panned through, but we believe that's going to create some constraints in terms of wood availability or fiber availability for some of those needs. OKI effectively is focused on the Asian market. We don't expect significant impact, at least directly, certainly in Europe. Perhaps indirectly through some of that fiber filtering through into other markets. Asia-Pacific, as you know, with more than half of the global population, and more than 50% of the increase in middle class over the next 5-10 years will be in Asia-Pacific. Asia-Pacific will continue to be a significant engine for growth across some of these products, irrespective of substitution. Even though there's additional capacity, I think, only to if and when it comes on stream. We're not, let's say, overly concerned in terms of the supply and demand dynamic, at least on our core markets. In China, effectively by the end of this year, there's new capacities that are likely to come on stream. If you follow the trend prices on fiber in China, they have been on the way up. It's expected that trend likely will continue. There are questions related to replanting of those forests because of the return compared to what was originally achieved in construction. Nevertheless, there's more availability. Altogether, I think there's about 6 million hectares of eucalyptus forest, or close to, in China. Not all of them are being exploited for production in a regular way. As I said, the price levels for fiber have been increasing, which is likely going to impact at least some of those new capacities. China, although, has been working on more self-sufficiency. They've also been significantly pressured with deflation, and they have now a trend towards what they call involution to try and manage any excess capacity in industry that could potentially impact their own operations. That's a phenomenon that I think going forward, we may see some potential changes or eventually some delay in the project, although we have no doubt that China will continue to increase. This is primarily integrated capacity. Beyond purely just the pulp market, the BHKP market, let's not forget that we're increasingly more exposed to dissolving pulp. Dissolving prices have been supported. There's no new capacity in dissolving markets in China. There's a series of non-integrated players. There's no new viscose planning being built, with the exception of a couple of licenses for a different Asian player who will be converting part of their own production into dissolving. That's all captive. We see a lot of growth in other fibers, particularly in lyocell, where essentially capacity has more than doubled in the last three, four years. That's likely going to continue, not just the largest incumbent in Asia, Sateri, but from multiple other non-integrated players, some of which are customers of ours, and obviously that's supply that we would aim to cover. Just as a side note, besides the tariffs that were implemented last year that have significantly restricted activity, did on textiles and viscose, this year we've seen, and recently visited China, we've seen utilization rates at these plants above 90%, which is very significant. I don't think they've been this high for a number of years. Part of that is also driven by the fact that polyester staple fiber has been going up, and yet fossil-based fiber is close to double prices because of the price of oil. Those dynamics are also playing a role in terms of demand there. Turning to your second question, Bruno, on Iranian implications. In terms of our exposure, obviously natural gas has been an area of concern. We are significantly hedged this year, so we haven't seen a significant impact there. We've seen some impact, but as I said, not a significant impact. The greatest impact came from consumption because of the instability of operations during the first quarter as we recovered from the storm. Apart from that, I think potentially the most significant impact is going to be on logistics. We do have more freight container logistics, in particular to Asia. When I say Asia, also Indo-Pacific, so China, India, and a few other places. Those return containers, obviously with larger or longer routes, does have an impact on overall cost. We'll closely follow that. Hopefully, the geopolitical situation will stabilize in the next few months, so everyone expects. Nevertheless, we'll be tracking that very closely. Those will be, I will say, the two potential impacts that we may see. Now, on the other hand, as you know, historically, pulp prices have benefited from geopolitical disruption. We've seen that in terms of some of the demand from a few of our customers. They tend to create or essentially hedge some of their supply chain risk. That's been a little bit the case, although not to the levels that we've seen a few years ago. We're not overly concerned in terms of any future significant destocking process. We're keeping our own pulp inventories relatively low, and when I say relatively low, below what we would normally carry as a precautionary measure to ensure also that we continue on one hand to serve customers, but beyond that we manage our working capital carefully. On the cash cost, regarding your third question, the indication we gave for 2026 was in a range of middle single digits for the year on variable costs. That is still the case despite the fact that we've had some cost pressures in the first quarter because of the storms. I would say that's still our current objective, and when we look at the remaining of the year, we believe that's still achievable. There are some uncertainties, in particular on the fiber costs. That could be one unknown that we'll have to track closely, as well as on energy. The demand levels seem to be relatively strong, and we would hope some of that would also compensate overall, at least in our dilution of fixed costs. Regarding net debt, or just before that, regarding CapEx, we're still pointing towards the range of EUR 60 million. That's in line with basically what we said in the last call. Regarding net debt, depending on how the remaining of the year goes, obviously with the first quarter, that we saw somewhat of an increase in our overall net debt. We expect for the remaining of the year, things to be a bit more balanced. Nevertheless, we would still likely see a slight increase in net debt versus the end of 2025. Hope I covered all your questions. Yeah, thank you very much. Thank you. 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. It comes from António Seladas from AS Independent Research. Please go ahead. Hi, good morning. Thank you for taking my questions. First one is related with you mentioned a rough estimate for non-recurring costs on the first quarter, but I was not able to hear. If you can confirm the figure. The second question is related with your COGS pressure or performance over the first quarter. COGS increased by around EUR 12 million sequentially from the fourth quarter to the first quarter. Meanwhile, your tons sold were more or less the same. There's some pressure here on COGS, if you could provide some color on it. Last question is on revenue side, on the other business, which is the bulk is biomass, figures were also on the weak side. I don't know if there's any particular reason to explain it, seasonality, the storms, or any other reason. Thank you very much. António, may I ask you to repeat your first question? It didn't come in fully clear. Well, I think that you mentioned a rough estimate for non-recurring costs on the first quarter related with storms and so on. I didn't hear the figure. If you could clarify, if I understood well? Yeah. Okay, thank you. I'll ask as well Miguel to comment a little bit on the cost side. Regarding the figures in terms of the impact from what we've seen, and again, all considered, I mentioned energy, logistics, operation instability, obviously the difficulties we've had with sourcing fiber because of not only availability, but also we have to go to more extreme locations. Some of that instability obviously remained. It had an impact in terms of our overall production levels. Plus we have, which is a different topic, but we've had also the programmed maintenance stop at Celbi.. Purely related to the storms, we estimate something closer to about EUR 10 million. You mentioned 10? I'm sorry? You mentioned EUR 10 million, yeah? Closer to EUR 10 million overall. Closer to EUR 10 million. Okay, sorry. Thank you very much. Let me ask Miguel perhaps to comment on your COGS question. Yes. If I correctly understood, I think it's related to the increase of COGS from the previous quarter to this quarter. What happened in the fourth quarter is that we had s ome non-recurrent positive effects. Well, not exactly non-recurrent. They usually happen on every fourth quarter of the year, that has a positive impact on the costs of that quarter, which are not in this first quarter. This is the only significant effect that I remember to explain this difference. Okay. On the biomass, maybe you can provide also some information on it? We are providers of the biomass products to Greenvolt as well. We have bioproducts. Our bioproduct business is very much related to also production levels, in particular in China with lignosulfonate. In essence, it's basically due to seasonality and some related to some of the revenues associated with our, as I've said, tertiary biomass business. Okay, thank you very much. There are no further questions from the conference call. We'll start now with the written questions. Our first question comes from Guilherme Neves. "Out of the one-off effects during the quarter, what is the impact directly related with Kristin storm impact?" This was already replied. First question was the reply to this, the answer to this, and just now. It was already answered. Okay, thank you very much. There are no further questions, so we'll now hand it over the session to Mr. José Soares de Pina, Altri's CEO. Well, thank you very much again for joining the call. As we've stated, we're seeing a positive development in the current near-term scenario on the business. We're now operating under normalized conditions, so we're looking forward to the rest of the year and obviously a positive evolution as well in terms of the industry. Thank you so much for joining, and have a good day. This concludes today's event. We thank you all for your presence. Ladies and gentlemen, you may now disconnect your lines.