Good morning, good afternoon, and welcome to Ence's fourth quarter and full-year 2025 results presentation. Thank you for joining us.

I am Ignacio Colmenares, Executive Chairman, and today I'm joined by our CFO, Alfredo Avello, and our Head of IR, Inés Álvarez. Let me start with a strategic picture of our overall objectives.

Our plan is simple to describe and rests on four pillars. First, growth in higher-margin special pulp substituting BHKP.

Second, local wood and biomass sourcing. Third, cash cost efficiency.

Fourth, renewables EBITDA growth, leveraging our position as the largest collector and manager of biomass in the Iberian Peninsula. Slide four summarizes the year 2025 and the fourth quarter.

It captures the progress we are making on all pillars of the strategy. The pulp price environment was challenging for much of the year, but we saw a clear turning point at the end of the fourth quarter.

At the same time, we kept moving the business forward. We improved our cash cost, increased the share of special pulp substituting BHKP, and continued to increase the renewables platform to deliver stronger results.

In our pulp operations, we delivered a cash cost of €477 per ton in fourth quarter and €483 per ton in 2025, our lowest cash cost since 2022 despite the impact of the Pontevedra strike. The cash cost improvement reflects structural actions in wood logistics and harvesting, process optimization, and productivity, combined with tighter operational execution and a continuous improvement culture.

On product mix, special pulp substituting BHKP reached 30% of total volumes sold in 2025, up 7 percentage points year-on-year, with a margin uplift of €37—3-7—euros per ton versus standard BHKP. The increase in special pulp substituting BHKP volumes was a result of targeted customers programs, product development, and qualification work, and our ability to tailor fiber properties to end-use requirements.

We are positioning Ence as a solutions provider rather than a standard commodity supplier. We also took a strategic step into fluff, becoming the only non-BHKP producer in Europe.

We started the ramp-up in fourth quarter '25 with 125,000 tons of capacity. On renewables, biomass-to-electricity generation increased by 6% year-on-year to over 1.2 TWh.

Renewable industrial heating secured three landmark contracts in 2025. I would also like to highlight that Magnon's biomass-to-regulated electricity business has posted an EBITDA of €10 million for two consecutive quarters—third and fourth quarters—leading to an annualized EBITDA of €40 million, to be increased by an additional €10 million with the update of the regulatory parameters which came into force in January 2026.

In biomethane, La Galera delivered a 27% increase in annual production through operating initiatives and not through CapEx, reinforcing the value of operational know-how and the scalability of this platform, with 42 projects in the pipeline of which 25 are under late permitting phase. Financially speaking, the group's consolidated EBITDA was €83 million in 2025 and €13 million in fourth quarter '25.

Pulp EBITDA was €56 million, and renewables EBITDA was €27 million, Magnon alone €32 million. Alfredo will explain this in more detail.

We also acted proactively on financing. We registered a new €200 million MARF bond program in January 2026 and completed a first €85 million issuance with a 4-year bullet maturity and a 410 basis points coupon, refinancing all debt maturing in 2026 in the pulp business.

In 2026, we see a more constructive market setup versus mid-2025, supported by firmer price momentum and a more balanced supply response. Operationally, we expect further progress on competitiveness with a structurally improved cash cost profile and guidance of €468 per ton for 2026 cash cost, alongside continued mix upgrade towards close to 40% of special pulp substituting BHKP.

In renewables, the updated remuneration parameters for 2026–2028 support a higher regulated electricity run rate. We expect several industrial heating projects to reach start-up during 2026, and the biomethane pipeline will continue to advance.

Putting it all together, these numbers show why the plan matters: local wood supply, special pulp mix upgrade, cash cost reduction, and renewables EBITDA growth executed with capital discipline and balance sheet resilience. Our priorities for profitable growth are clear: expand Ence special pulp substituting BHKP, reduce cash cost, and convert our renewables pipeline into contracted long-duration cash flows.

Slide six considers gross pulp prices in Europe and the market context behind the recent move-up in hardwood pricing. The market has been tightening since the end of last year.

Year-end, PIX BHKP benchmark in Europe closed around $1,100 per ton. The average in 2025 was $1,086 per ton gross prices.

Since last December, main producers have announced several price increases of up to $1,330 per ton gross. Importantly, this pricing momentum is being supported by a solid demand and a supply side that is constrained, particularly in Indonesia.

The Indonesian government revoked forestry permits for 22 pulpwood plantations in West and North Sumatra with potential long-term annual losses of 4 to 8 million tons of wood chips, equivalent to 1 to 4 million tons of BHKP. From an operational standpoint, weather-related disruptions in Indonesia have also reduced short-term pulp availability and made fiber procurement more difficult.

These disruptions are not happening in isolation. Analysts estimate that the broader set of disruptions across the value chain could lift demand for market pulp by approximately 650,000 tons in 2026, in addition to demand already strengthened by fiber-to-fiber substitution and increased standards of living.

At the same time, higher fiber costs are flowing through the system. Wood chip prices in China increased once the extent of the Indonesian damage was assessed, and eucalyptus wood chip prices rebounded in early February to recent November highs after a 21% spike since July due to heavy rains affecting harvesting.

Overall, the message is clear: the market backdrop supports former hardwood pulp pricing, driven by a combination of solid demand, supply constraints, and higher fiber costs. That is precisely why our strategy is built around cost, fiber security, and disciplined growth in special pulp substituting BHKP.

Continuing with slide seven, our product strategy is progressing well as a key differentiator. In 2025, special pulp substituting BHKP accounted for 30% of sales volume compared with 23% in 2024.

These products deliver a higher margin: €37—3-7—euros per ton above standard BHKP in 2025, as they substitute higher-cost softwood alternatives in multiple applications. These products are not a marketing label; they are an economical lever.

When customers use our grades to substitute softwood pulp, they do so for performance reasons. That performance allows pricing discipline and, over time, a structurally higher margin than standard hardwood pulp.

We are also achieving our goals on fluff. In the fourth quarter, we started the ramp-up of our first 125,000-ton eucalyptus fluff pulp line, substituting BSKP fluff.

This is strategic because fluff typically trades at a meaningful premium versus standard hardwood pulp, and we expect it to generate even greater margins as volumes ramp. The priority now is product homologation.

We are making progress on eight different processes. Fluff ramp-up is not just a start-up story; it's a market access story.

Qualification takes time, but once approved, volume tends to be sticky, and the product can remain in more stable demand end markets linked to the aging population and improved hygiene habits worldwide. Looking forward, our mix ambitions are clear: we expect special pulp substituting BHKP to increase towards close to 40% in 2026 and to exceed 62% by 2028, supporting a structurally higher margin profile.

As the special pulp substituting BHKP rises, our exposure to pure BHKP pricing decreases. Ence's position in the global cash cost curve improves, and the business becomes more resilient through the cycle.

Let me turn now to cash costs and competitiveness in slide eight. In 2025, cash cost was €483, or €478 per ton excluding the impact of the fourth-quarter strike in Pontevedra, and improved meaningfully compared to the 2022 peak.

This was the result of tangible actions: local wood sourcing and process optimization, as well as operational improvement. We are not stopping there.

We are focusing clearly on further reductions. Ongoing initiatives are expected to reduce cash costs by an additional €30 per ton during 2026 and 2027, with 2026 cash cost guidance at €468 per ton.

This €30 per ton improvement is mainly based on the combination of our efficiency and competitiveness plan that accounts for €22 per ton and the Navia cost reduction and decarbonization initiative that accounts for the remaining €8 per ton. On the efficiency and competitive plan, we aim to deliver an average annual saving of around €22 per ton to be implemented between 2026 and 2027 through process re-engineering, operational streamlining, and digital and AI-enabled optimization.

The workstreams are very practical and execution-driven: 15—1-5—headcount rationalization; improving yields and consumption ratios across wood, chemicals, and energy; raising reliability by cutting unplanned downtime; strengthening procurement and contracting discipline on key inputs and services; and simplifying the organization. Specifically, agreements have been reached regarding collective dismissal procedures.

In total, 141 posts will be amortized through voluntary departures, early retirements, and reallocation to other growing business units within the group. On Navia, remember that we are executing a dedicated cost reduction and decarbonization program.

The project was launched in first quarter 2025, and we expect commercial operation in second quarter 2026, achieving roughly €8 per ton of annual savings in the second half of 2026. Taken together, these initiatives underpin the expected €30 per ton cash cost reduction over 2026 and 2027, with approximately €15 per ton targeted in 2026, supporting our guidance of around €468 per ton cash cost.

As you can see in the slide nine, our strategic goal is simple: we are not only lowering costs, we are improving what we sell. Together, these moves are designed to place Ence as the most competitive producer on a BSKP substitute basis and to improve earnings quality throughout the cycle.

Our cash cost reduction programs not only lower our cash cost base, but also strengthen our relative position on the curve in downcycles and increase our operating leverage in upcycles. As regards monetization, in slide 10, we completed the sale of energy saving certificates, CAEs, for a net amount of €40 million in 2025, fully cash in.

We also expect to register and cash additional CAEs in 2026 amounting approximately €10 million, of which €6 million are cashed in the first quarter 2026. We treat CAEs as valorizations from operational excellence rather than a substitute for the underlying strategy.

They support cash generation, but we do not build a business plan around them. Strategy is designed to be repeatable and resilient.

One-offs may help in specific years, but the pillars—local wood supply, product mix, cost, and diversification—drive the long-term trajectory. Let me now turn to renewables in slide 11, which is the second strategic engine of the group.

Regulated biomass electricity provides a stable earning base, and we have a regulatory tailwind. Recent updated remuneration parameters starting in January 2026 improve remuneration for biomass to electricity and cogeneration.

For our portfolio, this translates into an incremental run-rate EBITDA of around €10 million, taking the regulated electricity run rate closer to €50 million. Having said that, please note that we experienced extraordinary and constant heavy rains in the Iberian Peninsula in late January and early February 2026.

This affected the quality of the biomass and challenge our operations. Everything has come back to normal and is going well now.

Continuing with slides 12 and 13, beyond regulated electricity, we are scaling two business verticals. First, renewable industrial heating: our target is 2 TWh of thermal energy supply by 2030 and a contribution of over €40 million to EBITDA.

Today, we have one contract in operation, one in start-up, and three projects in construction, with a disciplined pipeline and required returns of above 11% ROCE. As a result, we expect four industrial heating plants to start operations this year.

Second, biomethane: we continue to build a biomethane platform in Spain which will produce more than 1 TWh of biomethane by 2030 and contribute over €60 million to EBITDA, with return discipline above 12% ROCE. This pipeline is substantial, with 25 projects already in the late permitting phase and a total pipeline of 42 projects.

Biomethane leverages on long-term PPAs; over time, this creates an infrastructure-like business vertical with scalability returns. All these are long-duration infrastructure-like businesses anchored in local biomass supply chains, precisely where we have solid structural advantages.

I will now ask Alfredo to summarize our financial position.

Thank you, Ignacio, and hello, everyone. When looking at 2025, you will see two realities at the same time.

First, the headline EBITDA is lower year-on-year because 2024 benefited from a much stronger pulp price environment. Second, the delivery of our strategic targets continued: we increased the weight of our special pulp, we launched our first fluff line, we continue to cut cash cost, and we kept building our renewable biomass backbone growth platform.

With that in mind, let's start with the income statement on slide 15, where you can see the headline figures for the year and for the fourth quarter. At group level, revenues reached €747 million in 2025.

Pulp revenues were €544 [million], and renewable revenues were €206 [million]. The variation in revenues year-on-year is explained by the lower net pulp price compared to the previous year, partially offset by a higher contribution from our renewables platform despite its also lower prices year-on-year.

Moving into profitability, consolidated EBITDA was €83 million in 2025, including €13 million generated in the fourth quarter, 6% higher than that of the fourth quarter '24. To put that in context, 2024 delivered €164 million EBITDA, being the year-on-year delta essentially the pulp pricing cycle, partially mitigated by our cost and product mix actions and by significant value-capture initiatives such as the monetization of energy efficiency certificates.

Leaning now on pulp first, because that's where the cycle is most visible: in pulp, EBITDA was €56 million in 2025 compared to €138 [million] in 2024. The main driver is the net pulp price environment.

Reference price for short-fiber pulp averaged $1,086 per ton in 2025 compared to $1,236 in 2024. In the fourth quarter, the average was around $1,070, and the European PIX gross price closed the year around $1,100.

The important point is not just where the average was, but what the end of the year trajectory is. Producers have already announced price increases into '26 reaching up to $1,330, reflecting a tightening supply-demand balance.

Now, while the price cycle is exogenous, the mix and cost are not, and '25 is a year where we achieved measurable progress on both. First, regarding mix, our special pulp that substitute more expensive long-fiber pulp accounted for 32% of sales in fourth quarter '25 versus 24% in fourth quarter '24.

This special pulp generates an incremental margin of around €37 per ton versus standard pulp. Second, in the fourth quarter, we started off with customer qualification processes for our first fluff pulp line with capacity of up to 125,000 tons.

Third, cash cost in the fourth quarter was €477 per ton versus €521 in the same period last year, including the December Pontevedra strike. Beyond EBITDA line, you can see how the cycle flows through the net income.

As a result, pulp business recorded a net loss of €42 million in '25, including a provision related to our efficiency and competitiveness plan of €24 million. On renewables, in '25, energy sales volumes increased by over 6% to over 1.2 gigas, and in the fourth-quarter production rose almost 10% versus the same quarter of last year.

Revenue also increased by around 5% up to €206 million for the full year. EBITDA was €27 million in '25, up 4% year-on-year, and €10 million in the fourth quarter, including approximately €1 million of development and ramp-up costs for growth platforms, biomethane, and renewable industrial heating.

The base biomass into regulated electricity business showed a solid performance, reaching €20 million EBITDA in the second half '25 before increasing its run-rate average up to the 40s. Additionally, the recent regulation updated will increase it up by approximately €10 million per year for a target production of 1.4 gigas.

Below EBITDA, renewables reported a net loss of €15 million for the year, including a specific impairment charge on a PV development project, partially offset by tax credits. Turning now to slide 16, let's enter into cash flow.

In 2025, we achieved a positive free cash flow before working capital variation and growth and efficiency CapEx of €12 million while executing €59 million of growth and efficiency CapEx and maintaining our asset base. Let me walk you through the underlying dynamics.

In the pulp business, operating cash flow was €55 million in '25 versus €87 [million] in '24, consistent with the lower price environment. In the fourth quarter, operating cash flow was €16 million, up from €9 million in the fourth quarter '24, showing the benefit of improved cash cost and special pulp mix.

In the renewable business, operating cash flow in our accounts was €9 million before the €14 million of CapEx related to industrial heating business that are registered as inventory changes rather than in the CapEx line, since the assets will be finally acquired by the customer. Working capital improved in this business by €11 million due to lower revenues level in the said lower price environment.

Regarding CapEx, total investment was €114 million versus €125 [million] guidance, and of which €59 [million] are strategic, namely in the pulp business, were including the new fluff line, or the Navia cash cost reduction and decarbonization project, and in renewables, the industrial heating and the biomethane development. Regarding cash flow, importantly, for '26, following the Constitutional Court decision on the limitation of tax loss offset, we expect a cash refund of roughly €23 million related to activated tax losses.

This is a tangible cash-relevant item expected for first half '26. Turning now to slide 17, the message is straightforward: strong liquidity, long-term maturities, covenant-free in the pulp business, and a capital structure that supports a strategic execution.

At the end of '25, consolidated net debt was €378 million compared with €321 [million] at December '24, primarily explained by our investment program and by working capital movements. Importantly, we closed the year with €241 million of cash on the balance sheet, which provides optionality.

It allows us to proceed with CapEx, absorb working capital swings, and still remain in control of the balance sheet. We also actively manage market risk that could otherwise translate into balance sheet volatility.

On FX, we maintain rolling hedging policy to reduce the impact of euro-dollar volatility on pulp results. In 2025, that policy delivered €8.4 million of positive settlements.

For 2026, we have hedged a nominal amount of $80 million—$80 million with an average cap around $1.19 and a floor around $1.16 per euro. On energy price risk inside renewables, we also use hedges designed to replicate the regulated methodology aiming to stabilize returns.

In 2025, hedges cover around 60% of biomass generation, and hedge settlements offset the deviation between the market prices and the regulator's estimate. If you look at the maturity schedule on the right of the slide, the key takeaway is that maturities are spread over time, reducing refinancing cliffs.

Together with the fully available €150 million revolving credit facilities, this provides a liquidity buffer that is meaningful relatively to the volatility of commodity markets. Also, at the beginning of 2026, as our Executive Chairman has said, we have registered at the MARF a €200 million 4-year bullet bond program with the aim of continuing with the diversification of our financial sources.

Our first issuance was successfully launched, placed, and oversubscribed in February, ending at €85 million with a fixed coupon of 410 basis points, maturing in 2030, and fully absorbing all refinancing needs for the whole year '26. This is a clear signal from the investor community of the reliability and resiliency of our company, even in the low part of the cycle.

Now, after covering the financial and balance sheet performance, I want to step back and show you how our sustainability leadership reinforces competitiveness and protects returns in the slide 18. Ence's view is pragmatic: sustainability is a tool to be more competitive and to capture returns.

Let me make the connection explicit: each pillar links to value creation, and each reduces a category of risk. First, eco-efficiency operations: this is about operational stability and cost.

In 4Q '25, we achieved historic performance of zero odor minutes reached in Navia, and we also achieved a historical record for the lowest specific water consumption. We maintain 100% Zero Waste certification across our pulp and energy sites.

In Pontevedra, our water recovery system completed its third year of operating, improving resiliency to drought risk. These are operational KPIs, but they translate into fewer disruptions, lower compliance risk, and a stronger social license.

Second, byproducts and ecosystem services: this is about top-line potential and strategic positioning. You have already seen that 32% of our sales in fourth quarter 2025 came from special pulp, substituting more expensive BSKP with higher margins and growing demand.

In the quarter, we achieved three new sustainability certifications for fluff pulp, reinforcing market access and customer preference. On forestry byproducts and ecosystem services, we continue to improve plant material, including the development of new eucalyptus clones better adapted to climate change, and we also expanded the registration of forest carbon sinks over 4,300 hectares.

This is about building long-term asset base with increasing optionality and monetization pathways, while maintaining biodiversity and responsible management. Third, responsible supply chain: this is about being the preferred counterparty.

100% of sites certified under the SURE system for sustainable biomass. In 4Q '25, we deploy a new third-party due diligence procedure to reduce risks related to human rights and environmental impacts along the supply chain, and we also obtained PEFC certification for biomass trading.

These measures reduce reputational and compliance risks. Fourth, positive social impact: this is our talent and community stability, which is again a risk and return topic.

Our safety performance is well above sector benchmarks, as you can see in the slide. On talent, 30% of managerial positions are held by women, and 41% of jobs opening were filled through internal promotion.

This is a sign of organizational strength. On community engagement, we launched a new edition of the Pontevedra Social Plan, supporting 240 initiatives, and in the rural communities, we provided more than 950 technical advisory sessions to forest owner and deliver a new edition of forestry machinery training.

These actions strengthen the ecosystem in which we operate and reduce long-term operational risk. As said, Ence's sustainability leadership is not about scoring well on ESG frameworks; it is our increasing returns and lowering risks.

Now, let me hand back the lead of the presentation to our Executive Chairman for the closing remarks.

Thank you, Alfredo. Let us finally look at slide 20 with the outlook for 2026 and some closing remarks before inviting your questions.

Putting all of this together, our strategy is consistent and disciplined: one, increase volumes of special pulp substituting BHKP; two, local wood supply; three, reduce cash costs; and four, expand renewables platform EBITDA while protecting the balance sheet and maintaining capital allocation discipline. To summarize the year and the setup for 2026, I wish to highlight four messages, each one part of our strategy.

First, the pulp market is improving, but we are not waiting for the cycle; we are positioning Ence to perform throughout the cycle. Hardwood price momentum strengthened in early 2026.

Demand is solid, and the supply side is temporarily constrained, including the Indonesian fiber disruption we discussed. That supports a more constructive pricing environment versus 2025.

Second, our mix upgrade continues. We expect special pulp substituting BHKP to increase volume to close to 40% in 2026.

Key priorities will be with the fluff ramp-up and continued qualification work. Our objective is to deliver structurally higher margins by substituting softwood pulp.

Over 62% of our sales will compete against BSKP by 2028, positioning Ence as the lowest-cost producer in the BHKP cash cost curve. Third, we are following a clear operational plan for improved competitiveness.

We are reducing cash costs to around €468 per ton for 2026, supported by our efficiency and competitiveness plan and the Navia cash cost reduction initiative, and we remain focused on execution. Fourth, the renewables platform continues its diversification, pushing for growth, more than tripling its contribution by 2030.

The operational improvements in second half of 2025 and the updated regulatory parameters support a higher run rate for the regulated electricity business. We expect four industrial heating projects to start up during 2026.

Our biomethane pipeline will continue to advance. Thank you.

We now invite your questions.

Hi, thank you for taking my questions. I have a couple.

The first one is regarding the biomethane platform. I've seen you've pushed back targets over a year, if you can give us more color on what problems you're encountering here and what makes you comfortable with meeting your current targets?

The second one is a quick one, it's just about the commercial discounts that have been agreed this year. If you can give us some disclosure regarding this, it would be very helpful.

Thank you.

Thank you very much. Regarding our biomethane platform, we have eight plants who have almost what we call in Spanish the AAI, Autorización Ambiental Integrada.

Everything has been done, everything. Now is the administration who has to move.

Some are in Cataluña, some are in Aragón, some are in Castilla y León. The fact is, it is not moving.

The administration is going very, very slowly. None of these eight projects have social opposition.

We expect them to be ready to build by mid-2026 or on the second half of 2026, and then we will start construction, I would say, one of them, not the eight at the same time, but to be prudent. We think that we will start construction by the end of the year, but not before.

That's the vision we have today, and that's what we have reflected on the presentation in slide 13. If things move quicker, well, we will go faster.

Regarding your other questions, yeah, it's interesting to talk about discounts. European gross pulp prices closed the year at $1,100, as and discounts last year were on the range of 48% to 49%.

There were a deficit on the discounts in the negotiations for 2026. Those negotiations were between December and January.

I would say that, in general terms, BHKP has been sold by the market at an average discount of 53% to 54%. By two reasons, you will see on our figures lower discounts.

This 40% special pulp substituting BHKP we are selling is sold at a higher price, and then it diminish the discount. Secondly, the less standard BHKP pulp we have, the better prices we get, because what we are changing is, let's say, the worst customers, the worst destinations with this special pulp.

That is why, within this year, as I told you, we will see between 51% and 52% discount for Ence.

Understood. Thank you.

Good afternoon. Thanks for taking my question.

You've got a lot of moving parts impacting your cash flows in 2026, and I was just wondering if you could just remind us all nicely the key moving items. You've got the benefit from your tax losses, you've got various other items.

Would you mind just listing the cash flow impacts and then also giving us some color of how you think about CapEx in 2026?

Let me give you a rough figure, and then Alfredo can go on more detail. As extraordinary incomes, we have, as you mentioned, the €23 million of taxes.

We think we are going to collect that quite soon. As extraordinary outflows, we have the redundancies.

I estimate we are going to have a cash-out of between €12 and €14, €15 million this year. As another extraordinary income, we have CAEs, I think a minimum of €10 million during the year.

Then we have the CapEx. Regarding CapEx, Alfredo will go on details.

We are talking about €74 million from the pulp business and €46 million on the renewable business. Maybe, Alfredo, you can give the breakdown.

Yeah.

I have to say that most of it comes from things already made or for things that are almost finished. Like in the pulp business, the 74 that Ignacio was talking about, you include, remember the the the cogeneration turbine at Navia that had a problem in the past, well, there's like €5 million there.

We have the end payments of the Navia 80 investment that we made also in the past that accounts for €16 million. You have the fluff for around eight, and you have the rest of the Navia reduction cost and decarbonization project for around 18.

That's you have all those extraordinary on that part. Regarding the renewable, we are including, as Ignacio was saying, they are starting payments of maybe one of the biomethane plant.

We have the biomass trading expansion, and we have the renewable industrial heating. All those projects that Ignacio talked about are all CO2 ones.

Sorry, all those projects go go in the line of 19, and we are also starting with the CO2 development. We are expecting a CapEx of around €7 million in this item.

Most of it are kind of either growth or expansion projects that will start up in '26, or we are starting to invest in them for future cash flows. The extraordinary things are the ones that Ignacio has mentioned before.

What is important is, out of these €74 million in pulp business, 14 are maintenance. You have to add the €5 million of the repair of the turbine who failed last year at Navia.

As Alfredo was saying, we have outstanding payments of the old project of Navia 80 who was performed a few years ago. Then we have, for grow and for efficiency on the pulp business, €25 million.

Regarding renewables, well, out of 46, €10 million are maintenance, and €36 million are for growing.

That's clear. Then if I follow up with the shift to more specialty grades of pulp, moving the product mix to 30% this year and 40% next year, it's a big movement in your mix of pulp sales, and congratulations for doing it so quickly.

I'm just trying to understand, one of the key benefits for that is when the softwood pulp price is at a substantial premium to hardwood. How do you think about it now that the gap has narrowed with hardwood rising, particularly in China off its lows and kind of narrowing in Europe?

Will there be any challenges getting people to switch down to the specialty grades?

No, we don't see this challenge today. Now it's 5 years we are selling this special pulp.

We have problems to keep this, let's say, €36 per ton extra margin when the gap between softwood and hardwood is lower than $150. When this gap is above $150, well, we share the benefits with the customers, and we get this €36 per ton on average.

No, we don't see a problem today, and the vision we have is that, well, the gap will continue this year and on the future, yeah. We see less and less offer in BSKP.

Thank you. Then maybe just following up on the cash costs.

You've been very clear, and it's a helpful slide from the outside in to see the cash cost development down €15 a ton this year and then €15 a ton next year. I suppose there have been some extraordinary impacts from strikes in the fourth quarter, a little bit of strikes in Q1, and now that's all resolved and behind you.

Are you comfortable with delivering those cash cost numbers, or are you confident on that delivery and there's upside?

Yes, absolutely. We have checked the number once the strike were finished and before preparing well, this conference.

The impact of the strike in Navia between January and February has been €5 million, very similar to the strike we had in Pontevedra, another €5 million. €5 million of Pontevedra is in 2025.

The €5 million of Navia will be on the first quarter 2026. When we say 468 is included all the extra cost we have during the strike, yeah.

That's clear. Then that's all your own internal help actions that are delivering that.

I'm just wondering if there's also any benefit from lower wood costs. We're seeing lower wood costs in the Nordics.

I'm just wondering if there's any downward pressure on wood costs in the Iberian Peninsula.

No, unfortunately not. In this decrease of €15 per ton for this year, we see a slight reduction on the cost of the wood, not on the price of the wood.

We will continue doing what we did last year is to reduce the cost of the transport and to reduce the cost of the harvesting. At the end, we will keep the prices we are paying to the forest owners.

We are reducing logistics, we are reducing harvesting, and we are keeping the price of the wood. Then there is a very slight reduction coming from this side in this €15.

Very clear. Thank you.

Thank you very much.

Thank you very much, all of you, for your attention and your questions. We are in contact.

Any doubt you have, you can contact Inés, Alfredo, or myself. We will meet soon at the end of first quarter.

Thank you very much, and good afternoon and good evening.