Good morning, and thank you for joining Altri's second quarter 2026 results conference call. Today, we will review the financial performance, market conditions, operational highlights, and outlook, followed by a Q&A session.

Joining us this morning are Mr. José Pina, Altri's CEO, and Mr.

Miguel Silva, the group CFO. I'll now hand over to Mr.

José Pina.

Thank you, Rui. Good morning, everyone, and thank you for joining us today.

People want to slide number 2. Second quarter represented a significant improvement compared with the first quarter of the year.

As you will recall, the beginning of 2026 was heavily impacted by the severe storms in Portugal, which affected wood availability, logistics, and operational efficiency across our mills. During the second quarter, however, conditions progressively normalized, allowing us to recover production stability and improve overall profitability.

At the same time, market conditions became increasingly supportive. Pulp prices recovered throughout the quarter, dissolving pulp demand strengthened, and customer activity remained healthy, particularly across Asian markets.

These developments provide a much stronger commercial environment than the one we experienced at the beginning of the year. Against this backdrop, revenues reached approximately €205 million and EBITDA recovered to €30 million, with a margin of 14.7%.

While profitability remains below the levels achieved in stronger market cycles, the quarter clearly demonstrates the earnings potential of the business once operational disruptions are removed. Importantly, we did not only focus on operational recovery.

We focused to advance our long-term diversification strategy, with the acetic acid and furfural project entering the ramp-up phase at Caima, the BioTech conversion project gaining commercial momentum, and the Beyond-Ionic demo project progressing well, according to plan. These developments represent important steps in what we believe will become an increasingly significant source of value creation for the group.

In parallel, the group continues to receive important external recognition for its sustainability performance, further reinforcing our positioning as a leading sustainable [pulp producer?] .

Therefore, whilst the quarter clearly reflects the recovery of our core business, it also marks the beginning of a new phase where Altri starts to progressively capture the benefits from the specialty fibers and diversification investment cycle that has been under execution over the last few years. Moving on to market development, although global pulp demand remained relatively soft during the first months of the year, the overall trend improved progressively throughout the quarter.

China continued to outperform most other regions and remained a key demand driver for hardwood pulp. While global demand was still slightly below last year's levels, we observed a much healthier market environment than the one seen towards the end of 2025.

Turning to slide number 4, the dissolving pulp market continues to be one of the most interesting areas within the broader hardwood market. As shown on this slide, global dissolving pulp demand increased by more than 6% year on year during the first 4 months of 2026, with Asia accounting for most of this growth and China remaining the main demand provider.

Underlying driver remains unchanged. Global textile producers continue to increase their use of cellulosic fibers, supported by consumer demand for more sustainable products and by the need to reduce reliance on fossil-based synthetic alternatives.

These structural trends is creating attractive long-term opportunities for dissolving pulp producers. For Altri, this market is strategically important because it supports our diversification efforts and our objective of increasing exposure higher-value cellulosic applications.

Whilst we're still in a transformation phase at BioTech, the demand trends we see today continue to reinforce the rationale behind this investment and our confidence in the long-term growth potential of the business. Let me now briefly comment on inventory levels, which remain an important indicator of market balance.

Inventories at European ports have remained below historical averages during April and May, indicating a healthier supply-demand balance. As you can see, these top levels were consistently within the range of approximately 1.4 to 1.5 million tons.

This inventory position contributed to the improvement in market sentiment in Europe observed during the second quarter. Moving from demand and inventories to pricing, let me add a few comments on BHKP prices in Europe during the quarter.

After a weaker environment towards the end of 2025, pulp markets improved significantly during the first half of 2026. We saw a sequence of successful price increase announcements across the industry, supported by better demand trends, particularly in China, and by relatively healthy inventory levels in Europe.

As a result, average BHKP prices in Europe increased by around 16% year on year and 13% compared to the first quarter. What is particularly encouraging is that this recovery was not driven by a single event, but rather by a gradual improvement in market fundamentals throughout the first half of the year.

From Altri's perspective, higher prices come at an important time, as they coincided with the progressive normalization of operations following the storms experienced in the first quarter. While we remain mindful of the macroeconomic uncertainties that continue to affect global industrial activity, we believe current inventory levels and customer purchasing patterns support a more balanced market environment going forward.

On dissolving pulp pricing, we also observed a positive trend. As shown on this slide, average DP prices increased around 9% quarter on quarter and recovered materially from the levels observed at the beginning of the year.

This improvement was primarily supported by stronger demand for Asian textile producers, particularly in viscose and lyocell applications, where cellulosic fibers continue to gain relevance as a more sustainable alternative to synthetic fibers. For Altri, this trend is particularly relevant.

Over the past few years, we have been progressively positioning the group to increase its exposure to higher value-added cellulosic fibers, and dissolving pulp is a central component of that strategy. Whilst we're still at an early stage of the BioTech transformation journey, market dynamics remain supportive and reinforce our confidence in the long-term opportunity for this business segment.

Moving now to operational performance, the first half of the year continued to reflect the impact of the severe weather events experienced during the first quarter, as well as the scheduled maintenance shutdown at Caima. As expected, these factors affected production volumes on a year-on-year basis.

Production declined compared to the first half of 2025, largely reflecting circumstances that we consider temporary in nature. However, one aspect I would like to highlight is the resilience shown by our commercial platform.

Despite the operational challenges, sales volumes increased versus the same period last year, reflecting both the strength of our customer relationships and the team's ability to maintain a reliable supply to our markets. Protecting customer relationships has always been one of Altri's strategic priorities, particularly during periods of operational disruption, and we believe this quarter again demonstrated the value of that approach.

Another important development was the continued increase in dissolving pulp sales. This reflects both the gradual conversion of BioTech and the growing acceptance of our products by customers.

Although the transition remains ongoing, we are encouraged by the commercial progress achieved so far and by the increasing number of qualification processes currently underway. Looking now at our commercial mix, tissue continues to represent our largest end-use segment and remains a stable source of demand for our products.

However, the most strategically relevant trend is the increasing contribution from textile applications and Asian markets. Textiles represented around 15% of our sales volumes during the first half, whilst Asia accounted for approximately 18% of sales.

Both figures have increased meaningfully over recent years and reflect the change in profile of the group. This evolution is not occurring by chance.

It is the direct consequence of our deliberate strategy to move further into dissolving pulp and other specialty fiber applications, where we believe long-term growth prospects are particularly attractive. At the same time, increasing exposure to Asian markets provides access to some of the fastest-growing end-use segments globally, particularly within the textile value chain.

As part of that strategy, we now have a direct presence in China with a local sales hub. Therefore, beyond the short-term quarterly performance, this slide illustrates the direction in which we are strategically transforming the group.

I will now pass the floor to Miguel Silva, Altri's CFO, who will walk you through the main financial highlights of the quarter.

Thank you, José, and good morning, everyone. Let me now review the financial performance for the quarter in slide number 10.

As José highlighted earlier, the second quarter represents a significant recovery compared with the first quarter and demonstrates the business's ability to generate earnings once operations return to normal conditions. Total revenues reached €204.6 million during the quarter, an increase of approximately 21% compared with the same period last year and almost 28% versus the first quarter.

This performance was supported by three main factors: first, a recovery in sales volumes following the operational disruptions experienced at the beginning of the year; second, a stronger contribution from dissolving pulp sales; and third, the improvement in market prices that we discussed earlier. On the profitability side, EBITDA reached €30 million, compared with €5.4 million in the first quarter and €28.2 million in the second quarter of last year.

The quarter therefore marked a return to a more normal profitability profile for the group. Whilst we continue to face some wood cost pressure, most operational and logistics inefficiencies experienced earlier in the year were corrected during the second quarter, allowing profitability to recover materially.

I would also note that this recovery was achieved while continuing to invest in the commercial development of our diversification projects and specialty fiber strategy. Looking now at the first half as a whole, in slide number 11, the reported figures still reflect the significant disruption caused by the first quarter.

Total revenues reached €365 million, broadly stable compared with the first half of last year, declining by only around 2%. However, EBITDA reached €35.5 million, compared with €57.6 million in the first half of 2025.

The difference is almost entirely explained by the extraordinary circumstances that affected operations during the first quarter, including the storms, supply chain disruptions, and higher wood costs. For that reason, we believe the quarterly evolution from Q1 to Q2 provides a better indication of the current trend in the business than the first half comparison alone.

The key takeaway is that the operational and commercial recovery achieved during Q2 allowed us to start rebuilding profitability following what was an unusually challenging start of the year. This recovery is particularly visible at the margin level.

EBITDA margin improved from 3.4% in the first quarter to 14.7% in the second quarter, representing an increase of more than 11 percentage points quarter on quarter. This was driven by a combination of stronger selling prices, higher sales volumes, and improved operational efficiency.

Overall, however, we are encouraged by the pace of recovery achieved during the quarter and by the clear improvement in profitability trends. Moving down in the income statement as a consequence of the EBITDA recovery, the improvements naturally flowed through the remainder of income statement.

EBIT reached €18.5 million during the quarter, compared with a negative €6.3 million in the first quarter and €16.9 million in the second quarter of last year. Net profit reached €12.9 million, compared with a loss of €7.3 million in Q1 and €6.4 million in the comparable period last year.

This represents a very significant recovery in earnings and clearly illustrates the operating leverage embedded within the business. Looking at the half-year figures, EBIT for the first 6 months reached €12.2 million, while net profit amounted to €5.6 million.

Both figures remain below the levels achieved during the first half of 2025. However, once again, these results are heavily influenced by the very weak first quarter.

If we look only at the second quarter, profitability levels are already much closer to recent historical patterns. Turning now to costs on slide number 15, one of the most encouraging developments during the second quarter was the progressive normalization of most operating and logistics.

Energy costs remained broadly stable. Chemical costs also remained relatively controlled, despite some inflationary pressures linked to energy-related inputs.

The main area where we continue to see some pressure is wood. As discussed previously, the storms experienced early in the year affected wood availability and sourcing conditions across Portugal.

While conditions improved significantly throughout the quarter, some impact on procurement costs remains visible. The positive aspect is that we expect this effect to progressively dilute over the coming quarters as supply chains continue to normalize.

Moving to the balance sheet on slide 16, net debt increased from approximately €348 million at the end of March to €398 million at the end of June. This increase was primarily explained by two factors: first, the payment of dividends during the quarter; and second, the continued investment in our diversification and growth projects.

During the quarter, we continued investing in projects that we believe will contribute meaningfully to the future development of the group, including the BioTech conversion to dissolving wood pulp, Caima's acetic acid and furfural, and B-Ionic. Despite these investments, we have a comfortable liquidity position that provides us with sufficient financial flexibility to continue executing our strategy.

With that, I will now pass it back to José Pina.

Thank you, Miguel. Before discussing our strategic projects, I'd like to spend a moment on capital efficiency and returns.

As shown on this slide, our ROCE currently stands at around 3%, significantly below the level that Altri has historically delivered over the cycle. It is important to recognize that this reflects a very specific point in the cycle rather than a structural change in the quality of the business.

Over the last decade, Altri has consistently generated double-digit returns through most phases of the pulp cycle, and in stronger market environments, we have achieved returns comfortable in the mid-teens and above. Today, however, we are simultaneously facing two factors that temporarily depress returns.

First, earnings remain impacted by a period of relatively weak pulp market conditions and more recently by the operational disruptions experienced in the first quarter. Second, we are carrying a significantly larger asset base as the result of investments made over recent years to support our diversification strategy.

In other words, part of the capital has already been invested whilst the meaningful portion of the future earnings contribution is still to be delivered. This is particularly true for projects such as BioTech's conversion into dissolving pulp, the acetic acid and furfural project at Caima, and the B-Ionic platform, all of which are at different stages of commercialization and ramp-up.

Therefore, we believe the current ROCE should be viewed as a transitional metric rather than a reflection of the long-term earnings potential of the group. As market conditions continue to improve and our diversification projects progressively contribute to profitability, our objective is to move returns closer to the levels that shareholders have historically associated with Altri.

Moving now to sustainability, it remains fully embedded in our business strategy and continues to be an important differentiating factor for the group. During the quarter, Altri was recognized by CDP as a Supplier Engagement Leader after achieving an A rating for supplier engagement assessment.

This distinction recognizes companies that demonstrate leadership in working collaboratively with suppliers on climate-related matters and in strengthening resilience across their supply chains. We were also included for the second consecutive year in TIME's ranking of the World's Most Sustainable Companies, highlighting our continued progress across environmental, social, and governance dimensions.

While these recognitions are clearly positive, we view them as confirmation that the strategic choices made by the group over many years are producing tangible results. In parallel, we launched our Sustainability Literacy Program designed to strengthen sustainability awareness across the organization and further embed sustainability into everyday decision-making.

Ultimately, we see sustainability not only as a responsibility, but also as a source of competitive advantage. As customers increasingly focus on traceability, carbon footprint, and sustainable sourcing, we believe Altri is well positioned to benefit from these structural trends.

Turning now to our diversification projects, the first project I'd like to discuss is the acetic acid and furfural units at Caima. This project entered the ramp-up phase during June and represents an important milestone in Altri's strategy to expand into adjacent specialty markets, in particular in bioproducts.

Although relatively modest in size compared to our core pulp operations, the economics of the project are highly attractive. We expect annual revenues of approximately €6 to €7 million and annual EBITDA of around €5 million once fully ramped up.

Importantly, this project demonstrates that diversification does not always require very large capital commitments. By leveraging existing industrial assets and know-how, we were able to take what was before residue, create attractive new revenue streams while maintaining disciplined capital allocation.

The project is expected to achieve full ramp-up by the end of this year, and we look forward to updating shareholders on its progress over the coming quarters. On the BioTech conversion into dissolving pulp, we believe this move represents one of the most significant value creation opportunities currently within the group.

As we have discussed previously, dissolving pulp has historically commanded a substantial premium over commodity hardwood pulp, while requiring only a moderate increase in operating costs. During the second quarter, we continued to accelerate the commercial phase of the project.

Customer qualifications progressed, engagement with potential clients increased, and we completed first large-scale commercial deliveries to new customers. Whilst qualification processes in specialty markets naturally require time, we are encouraged by the feedback received and by the increasing visibility of future demand opportunities.

What is particularly important is that we're now moving beyond the technical conversion phase and increasingly into commercial execution phase. In many ways, this is where value creation starts becoming visible.

The investment is largely completed, although some into 2027. The operational capability is in place, and our focus is now on customer development, product qualification, and progressively increasing volumes.

For that reason, we increasingly view BioTech as a project entering the delivery execution phase rather than the investment phase. In the following slide, on the B-Ionic project, it remains one of the most interesting long-term opportunities within our portfolio.

The objective is to create a new generation of sustainable textile fibers capable of addressing some of the environmental challenges associated with traditional textile production. During the quarter, execution continued according to plan, and the demo unit, which is in this case pre-industrial, is under final installation.

Production is expected to begin during the fourth quarter of this year. Whilst B-Ionic is still at an earlier stage than BioTech, we continue to see strong interest from potential partners and customers across the textile value chain.

What makes this opportunity particularly attractive is that it positions Altri much further downstream, bringing us closer to end markets and creating exposure to a potentially very large and profitable market. Naturally, this remains a long-term project.

However, every milestone achieved during 2026 increases our confidence in its future potential and the strategic role it can play within the group longer term. To conclude, let me share our outlook and strategic execution.

The first point I'd like to highlight is that market conditions have clearly improved compared to the beginning of the year. Hardwood pulp demand remains supported by China and good indications from Europe, whilst dissolving pulp continues to benefit from positive structural and cyclical trends.

The second point relates to pricing. Following the strong recovery observed during the first half, we expect a more stable pricing environment during the second half of the year.

Whilst we do not assume a continuation of the rapid increases experienced early in the year, current fundamentals appear supportive of a balanced market environment. Finally, operationally, the significant disruption experienced during the first quarter is now largely behind us.

Looking beyond the immediate market environment, our strategic focus remains unchanged. Delivering our diversification strategy remains one of management's top priorities.

At BioTech, we continue to expand customer qualifications and commercial relationships. At Caima, we expect the acetic acid and furfural project to progressively ramp up during the second half.

At B-Ionic, our focus remains on successfully starting production at demonstration unit later this year. To conclude, I wanted to highlight that the second quarter marked a clear recovery for Altri.

Our operations normalized, profitability improved significantly, market conditions have become more supportive, and our strategic projects continue to advance according to plan. At the same time, we are increasingly seeing signs that the investments made over recent years in diversification and specialty fibers are beginning to translate into tangible commercial and operational progress.

Whilst we remain disciplined and realistic regarding the challenges ahead, we believe the group enters the second half of 2026 from a position of greater strength and improved market fundamentals. We believe Altri will be successful in its transition to become a more diversified group with a higher footprint in specialty markets besides cost leadership in the pulp hardwood segment.

Thank you for your attention. We look forward to your questions.

Yes, good morning. A few questions from my side, if I may.

The first one on the cash cost for 2026. If I remember correctly that, yeah, I think you mentioned the mid-single-digit cash cost increase expected in 2026 with your Q1 earnings call.

Just trying to understand if you keep that view now that

We cannot hear any

Can you hear me better now? Hello?

Hello? Hello?

I'm sorry, we cannot hear any questions.

Hello?

can you move to the following question?

Hi, good morning. Thank you for the presentation, and thank you for my questions.

I have two. The first one is on volumes sold.

The quarter was quite nice, maybe you can provide some color on what kind of figures should we expect for the coming quarters, namely in dissolving because I think the quarter was one of best quarters ever in terms of dissolving pulp sold, tons sold. This is first question.

Second question is it wood prices? You mentioned that the abnormally high prices should dilute or should come down.

To expect 10 to 20% prices coming down, is that a fair assumption or maybe you can provide some color on these two? Thank you very much.

I'm sorry, Bruno, we were unable to hear the question. The sound did not come through clearly.

I'm going to do the questions by the webcast.

Thank you. In the meantime, we do have a written question by António Seladas, and I will repeat the question: "Wood prices, could you provide some color for the coming quarters, namely is fair to expect 10 to 20% price decreases?

Volumes sold on dissolving pulp, what should we expect in the coming quarters?" António, what we can say at this point, as we have referenced, the wood prices were a significant factor in the first quarter.

Some of that had implications in the second quarter, as you would imagine. We've had significant reduction in market availability of fiber during these first 6, 7 months.

Things have now been normalizing. In terms of costs, going into the second half, we expect that situation to be gradually back to normal.

The overall wood prices should be normalizing and availability should be normalizing overall in the second half, and effectively by the end of this year, we don't expect any significant further impact. With respect to volumes of dissolving pulp, we have more stable volumes within our existing Caima unit.

When it gets to BioTech, there are multiple qualifications taking place. Some of the commercial sales that you have seen now in Q2 are continuing, they'll start providing a base loading of the BioTech asset.

Over time, we have now more than 10 qualifications ongoing into multiple segments, not just in textiles, but also in specialty. We would expect to gradually start seeing some of those qualifications conclude.

It will depend when contracts actually will have to be negotiated and confirmed once qualifications do take place. The final stage of the qualification, as you may know, is large-scale industrial production and then a qualification of that output into the customer's applications and with customers further down the value chain.

That usually does take some time. As I said, we're now ongoing with BioTech already on commercial sales, and gradually, you should see a steady increase in future.

Thank you for the question, António. We have another question.

Operator, can you please read the question?

Thank you, Luís. With respect to the Gamma project, which has been archived just earlier this month, we are currently reviewing follow-up actions, including the possibility to present allegations to some of the arguments that were used to justify the archival.

Then once we have clarity on those, we'll make a determination. Assuming that there are no further developments there in the medium term, at some point, we will be recognizing the investment that has been made, some of which has already been recognized.

We also need to remind ourselves that there is significant intellectual capital and value that was generated through the project, which is actually now being already applied to some of the conversion projects that we have. Just to complement that, any impairments that may be registered, these are purely from an accounting perspective, so that they'll have no cash impact.

As far as free cash flow for the year, there's no impact. Thank you.

Regarding the share of wood sourced domestically in the first half, we're looking at roughly 60%. That includes both domestic market and our own forests.

Actually, if we combine them, it will be closer for year to date, will be closer to 70%.

Thank you, Bruno. Let me take it in parts.

Starting with the cash cost expectation for 2026, we've given previously the indication that we expect middle single digits for the full year. That remains our expectation.

Based on our current forecasts, that's pretty much in line with our previous indication. Overall cash costs would probably be in the range of roughly 450.

Considering what we see at least on the normalization, in particular, on inputs in terms of fiber, that remains. Our previous comments in the last call, even considering the disruptions for the first quarter, will remain.

In terms of prices year-end, I think what you've seen right now at least, I would say the beginning of the summer low season, prices haven't necessarily moved in any significant way. There is an arbitrage with China.

China did correct about $20. We've seen in the last few weeks that stabilizing.

I would say any movements are going to be very much linked to supply-demand dynamics over the coming months. If you look back to Europe, prices do remain relatively stable.

Even though you may have some adjustments in the near months, considering the relatively lower inventory levels, not just at ports across the board, but also on the supply side, and most of this has been primarily supply-driven, I would not expect to find any significant justification at least for big swing in prices. Additionally to that, inflationary pressures, in particular, on fossil fuels continue to remain an issue.

That will affect obviously logistics, in particular, on the dynamics of potentially imports of finished products into Europe. We at least believe that's going to moderate somewhat and provide some stability at levels which are closer to where we are today.

Just given those dynamics, I don't see necessarily that we're going to be into periods of plenty of swings. Stability, I think, will be what we consider for the remaining of the year, as I said, with potentially some minor adjustments.

If you look at capacities by end of the year in China and Indonesia, as capacities in China are a little bit volatile. You do have a series of projects in construction.

These are integrated projects. They are going to supply the continued growth that we've seen in China.

Indonesia, there's been some constraints in terms of the fiber basket that is going to supply to those projects. We'll have to see all of that volume at least in Indonesia.

It's non-certified volume, we will not find any of that in Europe. Obviously, it will target, in particular, a lot of the growth that is still happening in Southeast Asia and will continue to happen in Southeast Asia, some basic segments such as tissue, in particular, but also it will clearly target China.

Here, I think we have to see what happens with fiber prices, because China hardwood fiber basket has been suffering some fluctuations. They've been experiencing significant storms, which have reduced availability.

Imports continue at a relatively good pace. I think that will be significant dynamics, particularly around Asia.

As far as what we see looking at inventories in Asia, looking at inventories in the chain, customers' demand, and also the current dynamics in Europe, I think it will gradually find its way into the market, but I would not be expecting any very disruptive impact. With respect to the Sucuriú project, our expectation, it's likely, even though it's ongoing, but it's likely going to be more 2028 than late 2027.

I think it's not unheard of for some of these larger projects to suffer delays. I think the full financing of the project is still a little bit of a question mark.

We'll have to see how that's going to evolve, but I would imagine that we'll have some better indications towards the end of this year. I don't see it in this case, and I would agree with Suzano that based on where it stands, I don't think we'll see it before 2028.

Thank you, Bruno.

Thank you, Max. I'll ask Miguel to comment on that.

Sure. We had a positive effect of FX changes and the FX hedges on this second quarter of the '26 of around €2 million, which compares with a very negative effect on the second quarter of the 2025, which was roughly negative in €6 million.

It's a big difference when we compare this second quarter. Positive impact of around €2 million with a negative effect of around -€6 million on the second quarter of 2025.

Thank you, operator. This question was already answered, Rui Cesário (Head of IR): I think we have pending question from Manuel Lorente from Santander.

Not written. Can we try to pass the call?

Hello? Hello, good morning.

Can you hear me now?

Yes. Good morning.

Great. Brilliant.

My question probably is on dissolving pulp cash cost impact over the overall group. I see on the slide that you report that dissolving pulp cash cost should be on average 10 to 15% above standard pulp production.

Are we there, or is now a little bit higher because of the initial ramp-up cost of the operation? My question is because I was expecting somehow a better relative performance of the cash cost in Q2 and that it was not the case.

I was wondering whether the blended cash cost between dissolving and traditional pulp impact is denting somehow the traditional good performance in terms of cash cost, or it's more wood-related? Thank you.

Thank you, Manuel. While we're going through all of the qualifications at BioTech, especially that has an impact and has you would assume through the transition at least a higher cash cost impact from dissolving.

I'd say generically through this stage, you're probably looking at cash cost in dissolving about 25% higher than what would be normal hardwood BHKP. It's normal through this process, you would expect it should be as such.

The overall impact of wood on the cash cost that usually has some relevant particularly since we've seen some more elevated wood costs that would trickle down into dissolving pulp cash costs as well. Purely from an operational standpoint, bear in mind that BioTech continues to be on swing.

Even though pretty much every month, we're doing dissolving pulp productions and there's transitions, and even when we do dissolving pulp runs, we are producing several qualities which are targeted to different markets, and those qualities also involve some transitions in themselves. You would expect that the current period of transition to see some more elevated impact.

Overall on a blended basis, as I said before, for the year, we remain to be within what we stated last time, which was in the middle single digits, and that will mean on a blended basis about 450.

Okay. Great.

Much useful. A follow-up on cash cost.

The overall full year guidance implies a better relative performance of H2 versus the second quarter. This relative better performance is wood-related, logistic-related, or any other specific consideration?

Thank you, Manuel. Yes, it implies an overall improved second quarter, and I would say it comes from two primary elements.

One is clearly wood-related. In addition to that, I would add logistics-related because we've had some significant disruptions during the first quarter.

Some of them remain into the second quarter, and not all have been resolved. We have, for example, the BioTech rail line to the port, that's still down.

It's not expected to recover until sometime late Q3 or even early Q4. Those are things that as they normalize, they'll have an impact also on cash flow.

Okay. Great.

Thanks very much.

Just to add on that, Manuel, overall, when we look at our current specific consumption KPIs, actually they've been on a very high note across the board. Fiber specific consumption, as well as energy and chemicals intensity, they've been on a very good footing, we're not at all concerned on that bit.

Great.

Thank you very much for attending the call today. As I stated, Q2 was a quarter of recovery.

Overall operational disruptions and the extraordinary costs that we experienced in Q1 have gradually normalized. At the same time, we see a particularly favorable development in the markets, and looking to a more stable environment as well.

We look forward to discussing those over in the next quarter. Thank you for attending.