Thank you. Welcome to our earnings call for the second quarter of 2026.

I'll break from protocol and mention a name here in my presentation. For now, you'll only listen to them.

Then you will meet [Christian Cetera] in our investor relations area. He's the new executive director for people and management.

He is Argentinian. We have a plant in Argentina that we're very proud of.

He is a fellow Latin American. We're very happy to have him here.

He's very experienced. This is something that we need right now.

He's 57 years. He's been in companies like GE and GM.

He has over 30 years of experience. Whenever we look at our vision for the next 10 years, the biggest challenge we find is training and retaining talent.

If we had to list the main challenges for the company's next 10 years or for the market, that would be among them. We're very happy to have Christian with us.

We hope that you get to meet him through our investor relations department. We're going to start talking about our performance for the second quarter.

First, we'll give you some topics about the market. Then we'll mention our perspective and return for a Q&A.

The first point I'd like to raise is that this was a quarter of great operational performance. We were able to put the best management model into practice.

This is something that we don't always get results from. For the second quarter, we were able to see that planning and the way we run the business, even despite all the hardships in the market, have led to an extraordinary performance.

I'd like to congratulate our entire group of directors for that. Fluff had extraordinary performance in the fibers business represented here by the word pulp, but this is something I call fibers as we hear in many other places.

Our long fiber Fluff, which represents 12% of our total in the company in revenue. When we look at the business's revenue, it represents 30% of our volume and 40% of the revenue.

This is a product that has been maintaining its lead and its premium, which amounts to about $350, depending on when the snapshot was taken. This is a minimum premium, and this is what we expect for other long fiber products in the near future.

Deals continue to be closed, especially in long fiber. We see many closures, some of them which are definitive, some of which are temporary.

Klabin product in Latin America, which as you know is the highest yield area in the world for long fiber pinus. This has allowed us to go into new markets in which we find a price advantage for premium products.

We're reinforcing what we believe in, and we believe in maintaining a significant part of the volume. This is a market that represents 24 million tons.

It's a product that won't be removed from the market. It will be a long-lasting product, and you're always going to have added value products to get a premium on.

This is a premium I've been talking about for a long time, even before it existed. Here I'm saying that I think we will see a premium on this in the future for long fiber kraftliner.

As you know, our strategy is based on this. 55% of our forestry base is long fiber.

Looking at paper, you can see our evolution in coated board, and the world is suffering from the Chinese deflation in coated board. This is, of course, the main item suffering from that, especially folding, which uses more short fibers.

In this entire period in which we've had the Chinese threat getting in the way of manufacturers in Europe and North America, even despite that, Klabin has gained market share and volume with the products that we know very well, milk, beer, hygiene and beauty, and so on. We're very confident about our products, which are based on long fibers, and we're gaining market share in countries where we hadn't been gaining before.

China is the main one, obviously, but we are selling more to China while China is exporting short fiber folding coated board. Klabin has become more important in this area.

We're only going to make folding coated board when it makes sense in our product mix for clients who buy both fibers. Klabin continues with its expectations.

Out of our 1 million tons, we have about 200,000 tons of kraftliner. It is worth making a kraftliner in the 28 machine, as you know.

I'll speak briefly about this, but we have been seeing global increases in kraftliner. The main one was in Europe, but all American and European manufacturers are announcing increases.

Of course, this still doesn't affect us in the second quarter, but price recovery in the third quarter will be important for kraftliner. Now, going back quickly to coated board, we are going to continue to produce kraftliner in this machine, and by improving the mix in this machine, especially with LPB and Klamulti, we are going to continue this migration using Klamulti in China, CUK in China, in South Africa at higher volumes than before.

We continue to be very excited about this migration of added value products on Machine 28. We have been seeing the results from that right now.

Marcos Ivo is in Vietnam doing the transition and also visiting new opportunities in Vietnam. We are very excited about the paper market.

I spoke briefly about kraftliner, we are in a special moment for it. There are also some closures in this area, prices are starting to give us confidence so that we can use more kraftliner.

We have been exporting about 50,000 tons per month, and these prices are giving us confidence that we can continue to sustain this volume and support our internal demands with other papers, where there are some opportunities that we have in Brazil, and of course, there are recyclable machines. This is a moment in which we are making use of the flexibility that I discussed for so long.

That is the opportunity cost of exporting versus converting into boxes. Corrugated boxes left the standards very high, kraftliner seems to be able to get some of that share, and that always adds to the company's results.

Of course, we are always looking at the opportunity costs. Finally, I started speaking about packaging, just to continue, this is a very special moment in the packaging area.

We have consolidated into big accounts. We are very confident with our clients and contracts.

Readjustments are always taking place based on the service level that we can offer to our clients. We have major global partners.

That feel comfortable, obviously, with our service level. Obviously, the weight of our paper is lower than the rest of the market, we can convert a higher area into cash on a per ton basis.

That is something that is very good about the packaging area. That concludes my introduction.

I would just like to say that in a quarter that was operationally strong, with things under control in the market, we have been able to gain market share in products by standing out with long fibers, and we have very good expectations for the future. I will refer back to this at the end.

Let us continue with Gabi.

Thank you, Cristiano. Good morning, everyone, and thank you for joining our conference call.

On page four, I present the quarter's results, which reflected the operational stability of our plants and the continued ramp-up of Machine 28. Quarterly sales volumes reached 1.18 million metric tons, virtually in line with the second quarter of 2025.

Net revenue for the quarter reached BRL 5.2 billion, also in line with the second quarter of 2025, reflecting primarily the increase in pulp prices in dollars and packaging prices in the domestic market, combined with growth in paper and packaging volumes, which partially offset the effect of the real's appreciation against the dollar. In this context, EBITDA for the quarter was BRL 2 billion with a stable margin of around 38%, resulting from business performance and cost discipline, since cost reduction initiatives have supported these results even amid inflationary pressures on inputs and preparations for El Niño.

Turning to page five, the total cash cost per metric ton in the second quarter of 2026 was BRL 3,204, unchanged from the same period last year. This performance reflects cost reduction initiatives, particularly from those targeting variable costs implemented during the quarter.

These measures offset the increase in input and shipping prices resulting from ongoing geopolitical conflicts, as well as the rise in fiber costs. Moving on to slide six.

Klabin ended the second quarter of 2026 with a net debt of BRL 24 billion and a leverage measured by the net debt to adjusted EBITDA ratio in dollars of 3.2x, a reduction of 0.7x compared to the second quarter of 2025. The company remains focused on its disciplined path of reducing leverage, confirming the consistent execution of its strategy and its stronger capital structure.

Moving on to the next page. The company's liquidity remains robust, ending the quarter at BRL 12.7 billion.

This liquidity consists of BRL 10.1 billion in cash, with the remainder in an undrawn revolving credit line. The average debt maturity at the end of the quarter was 84 months, and the average cost in dollars was 5.1% a year, a decrease of 0.3 percentage points compared to June 2025.

This reflects the company's debt management initiatives implemented over the past few months. Moving on to page eight, we have the company's free cash flow.

Over the last 12 months, the company generated BRL 700 million in cash flow. Moving on to slide nine.

Distributions to shareholders over the past 12 months totaled BRL 1.18 billion. This amount represents a dividend yield of 5.3%.

I would also like to highlight the advanced dividend declaration approved last year in light of the transitional rules provided for in the legislation to the amount of BRL 1.112 billion, with the next payment, the third installment, scheduled for August 19 to the amount of BRL 278 million. Also in the second quarter, we announced the share buyback program, a sign of the company's confidence in its fundamentals.

To date, we have executed 13% of the planned volume, which represents around BRL 70 million. These initiatives reinforce the company's commitment to creating value for its shareholders.

Finally, the company continues to benefit from its unique portfolio structure, which provides operational flexibility and helps mitigate the volatility of its results. I will now turn the floor back to Cristiano, who will present the business trends for the company.

Thank you, Gabi. As a reminder, we have Nicolini here and Douglas.

Both of them are available to answer your questions. Marcos and Soares are not with us, so I'm going to answer questions on coated boards and kraftliner.

Here we have some trends for the third quarter. We see some challenges for short fiber.

Obviously, China is the big issue here, even on the short term. We don't see much space for significant reductions.

We might see a slight downward trend, but we expect it to recover to the levels we're seeing today. This is due to the challenges that major operators and pulp manufacturers are facing to sustain these price levels.

So, it's very hard to operate at the current prices, and we don't see many possibilities for price increases in short fiber. The more long fibers react, the more this spread widens, and this opens some space for short fibers.

This is the challenge that we have. We can see this in the last needle when it comes to price.

For fluff, it's a positive moment. The fibers that China has been using, the available long fiber in China has been consumed and hasn't been replanted.

We expect it to run out in the third or fourth quarter. It's evident that clients in China operating with high-end products, especially the ones that make OEMs for major brands, they have trouble using recycled fibers that are used in China.

China has been switching to long fiber fluff from countries that produce it, like us. Since we're seeing a threat on the short and long-term and short fibers, in fluff, we don't see any threats on the short or the long terms.

The pinus grown in China is not proper. It doesn't have a proper production area.

Even if they are able to work with pinus in some specific areas, their yields are very low, as we see in other regions of the world, low in comparison to ours. There's a lot to be learned in forest management and also understanding what varieties to plant, the productivity and yield from these trees.

The more we look into the market, and I think every pulp manufacturer looked at China in the last few years, we're very confident in long fibers, especially because China is not a threat on the short, medium, or long terms in this area. When it comes to eucalyptus, they are, this is still limited.

We often hear about the 6 million hectares planted in China. They can gain productivity in this area.

On average, they are cutting down about 15 IMA on average. We expect that their yields will go up, unless they cut them down earlier.

This is something that they do sometimes, their IMA will be higher than the current one. How far can that go?

From our perspective, it wouldn't go over 2025 in 15 years. That would be the worst yield that we see in Brazil, in the north of Mato Grosso do Sul.

We are steadfast in our belief in our business, even with short fibers. For now, since their productivity will improve, and even though the planted area in China is not increasing, we expect the same area to increase its yield to 2025 in IMA.

We have a specialist here who can talk about this to you, this is a part of our strategic vision. We're very confident about long fibers, we have a lot of data to share that shows why we're so confident.

The company's strategic choice many years ago is now being confirmed, in short fibers, a threat that exists, it will still take some years, their planted area is growing only slightly. As you know, 70% of the wood chips imported to China comes from Vietnam is also very limited in its exports.

Even in short fibers, Latin America, specifically Brazil, will remain a global powerhouse. Sorry for taking so long on pulp.

I just wanted to delve into this after so many years studying this area. Again, if you're interested, Garlon can explain more.

When it comes to coated board, we also see a positive moment in price and volume. Kraftliner is also very positive.

We have been paying attention to how far this can go. This is not only about demand, but also there are closures, and we're very excited about the current moment for kraftliner.

Looking at this statistically in other periods, pulp and paper had similar curves despite being in different markets. Normally there was some similarity, now things are different.

Kraftliner is at a very special moment in prices as well. Obviously, there are limitations due to the closures.

Price announcements from the global players will definitely confirm this narrative that we're bringing to you about how prices will react even more in the third quarter. Corrugated boxes remain positive.

We've benefited from the current season, the seasonal pattern, and we're seeing the performance, which has been very good, 4% year-on-year. We're still performing well due to the product mix and the seasonal pattern that we see in packaging materials here in Brazil.

That's it about the markets. I'm sorry for taking so long.

I wanted to talk about the strategic perspective, I think we can continue with questions and answers. Thank you.

Good morning. Congratulations on your results.

My question is about costs. This is something that has been debated among investors.

The company has posted a better than expected result in costs, especially in paper and packaging. If you can tell us a bit more about how sustainable this is for the next quarters, if you can tell us about the contributing factors for this.

Also, when we look at pulp, the fuel line drew our attention. I think it's natural according to what we see in the macroeconomic scenarios, I'd just like to understand if this line will be reduced in the next quarters, and what you expect from fuel costs, and how it will affect your pulp costs.

I know that there is a lag from these costs. Cristiano, if you can give us a general panorama about the company's cost trajectory.

We still have El Niño ahead of us, what potential impacts do you believe can happen from that? My second question is for Nico.

First of all, congratulations on your results. You've been making a commercial effort and the prices have been very good.

I'd just like to understand how sustainable that is, the gap versus the benchmark and the prices being used by other players. Do you believe the company will continue to deliver on these price levels in the future?

If you can give us a general view of the cycle. We've been seeing prices going down in short fibers, has the demand improved for August?

Do you see any signs of price stability in short fibers? In long fibers, it's a more dramatic scenario, I'd look to understand that as well.

Thank you.

Thank you, Rafael. I'll comment on what you mentioned.

Gabi will talk about costs, Nico will talk about the markets. First, when it comes to costs, we're at a very confident moment about what we implemented in the last years.

I'm going to take up some time here, and you can complain afterwards if I go on for too long. In the last few years in the company, we invested about BRL 30 billion.

All of our plants are at a unique position. Our equipment is at great conditions.

We're about to do a startup, which has been going very well to recover our Monte Alegre boiler. This is a plant and a site that for the last few years has been made much simpler and more objective.

When it comes to costs from the industrial perspective, efficiency, which is marginal, but it is important in this context. It's not only about the cost.

There's an indirect side because when you have a plant that has a better performance, but also a higher equipment availability, this availability becomes volume, and this reduces the fixed cost. We did that very well.

This cycle is being concluded now with this boiler. For the next five years, we don't expect any significant investments in the company.

Like I mentioned, we're going to generate free cash flow for the next years. We're basically turning this curve, for the next quarters, you're going to see a significant free cash flow generation in the company.

I've been saying this frequently, and you'll see it happen soon. When it comes to costs, I just wanted to leave the most important part for the end.

I'd like to remind you that we purchased areas from Arauco. This is a company that we respect, especially the forests that we got from them.

They have the same level of productivity as ours. They're neighbors in Monte Alegre.

It was hard to manage in cash consumption, we knew the strategic importance of this asset. Why am I mentioning this?

This purchase is going to mature probably in 2029. In our experience.

I'm referring here to the forestry plan and even considering El Niño, which I'll discuss, considering our current activity, the way in which we harvest and manage these areas. What am I referring here to as the maturity?

Our average radius will go down. We've been saying this for 10 years.

We purchased areas close to Klabin, and apologies for repeating this, we purchased wood that was far away from our plants. Even with Arauco's.

A part of this benefit was passed through the cost, as we start harvesting from areas that are more distant, as we start having a higher average radius. When that happens, understanding the importance of fiber in the company's cash cost, we're going to reach the optimal cash cost level, in my opinion.

Until then, what I can say is that the company is managing its assets. Our assets have very good quality.

The people who do day-to-day work, this is all represented in our costs, and threats are especially chemical products and fuel. Fuel is connected to the reduced distance that I mentioned.

We're also testing other vehicles, even heavy-duty vehicles, with other solutions like natural gas, biodiesel, and even electric vehicles. The industry won't depend on diesel in the future.

On the medium term, we will reduce this reliance due to the reduction in average distances. On the short term, what I can say is the variable cost will affect our price and margins will be maintained.

Thank you, Cristiano. I'd like to add to what Cristiano mentioned.

This quarter, we faced significant logistics issues, which are due to the geopolitical conflicts around the world. We also have the effects of El Niño and our preparations for it.

These are outside factors that the company had to deal with in its cost basis. I'd just like to underscore again that we are directing the company's guidance to the total cash cost in order not to go into each business, because the way we manage this is by trying to offset these factors internally.

The factors that affected our costs. We used some of them, as we've been saying for some time, through variable cost reduction initiatives, which have, in some ways, offset the inflationary pressures on the price.

In pulp prices, we saw that BPF oil went up. This is an oil byproduct, and that had an impact to its price due to the conflict.

This was not so significant in our total cash cost. Among our initiatives, we had a significant one for papers, which was negotiating a relevant contract that impacted this segment.

If we put all of this in the same account, the company was very diligent in holding back the inflation impacts, and we are committed to continuing this in the future.

Gabi reminded me of a very important point that I'd like to mention to you. Obviously, I mentioned vehicles.

That's our reliance on diesel. She mentioned BPF, which is another one, and I'd also like to remind you that on the long term, we won't need BPF either.

We have a wood gasification technology. We have some equipment running in the Ortigueira plant, which replaced BPF oil in our process.

This last frontier in the plant for a fuel oil will be eliminated as this technology advances. I'm talking here about wood gasification.

Hi, Rafael. Thank you for your question and comments.

This was a strong quarter, the second quarter, when it comes to price recovery in short fibers. This is still forward in our yearly comparison.

The fluff market, as you've been seeing, has been more resilient. This will continue in the next quarter.

Looking at the third quarter, of course, this area will have the China factor affecting it. This is a market that has been operating for a few years with challenges.

We're always a bit more cautious, trying to advance what's happening in the market, looking at prices, inventories, and supply and demand. When it comes to fibers in general, in short fibers, the demand in China is still low.

We've been seeing since May a reduced demand from China. After two price corrections in June and July, we saw that the market bounced back.

Volumes and fiber consumption improved. This will remain low, especially in the downstream.

Demand in general will remain stable. We don't see any critical situations for affecting fiber consumption in mature markets in Brazil or Latin America.

We expect to have normal sales volumes for the third quarter with no impacts from this. Obviously, we're going to keep an eye on how prices change as the quarter goes.

Any changes to the prices we believe will be limited since prices are already very low, and this is pressuring high-cost manufacturers, as Cristiano mentioned. When it comes to long fiber, there was a capacity reduction, it was [1.2 million tons] in capacity that was closed in the first half of the year with an additional temporary downtime.

This has a significant impact on the supply side, and this will balance the market. This might not be felt yet in the third quarter, but we expect it to be perceived starting in the fourth quarter of 2026.

To speak about the fluff market, the market remains strong. We expect consistent demand with volumes among the normal levels that we've been reporting with the same price captures that were announced in the previous quarter, and we expect one more consistent quarter of this segment's performance.

Thank you.

Good morning. I was prepared to ask two questions, so I'll ask only one.

I'll try to keep it short in my answers.

Okay. My first question is about capital allocation and your strategy for the future.

You mentioned that you had an expectation for free cash flow generation increases in the next years. What should we consider for the next projects?

Is this starting to figure into your strategic planning? Is there anything that you can share with us?

Finally, I'd like to ask you to give us some more details on MP28's mix and how Kraft has performed versus coated board.

Thank you. Rodolfo, I apologize.

I'm the one who's been speaking for too long. We don't expect major investments at Klabin for the next five years, except for marginal ones, which we will obviously discuss with you.

We're not going to make any proposals to the board. We have no expectations about that.

Which doesn't mean that the company doesn't have a 10-year vision. We remain confident about our short fibers in Santa Catarina, but we don't have any expectations of bringing this to the board in the next five years.

This is what we expect in our free cash flow generation. This is the company's absolute focus.

You saw our share buyback strategy, and this is the path for us to reduce our net debt and buy back shares through free cash flow generation. Operational cash flow, as measured by EBITDA, depends on prices, but I'm saying this without basing myself in price increases.

This is going to happen regardless of the price curve from now on for the factors that we already mentioned and not having significant CapEx for the next five years. The mix is 60/40.

We're starting to go over the 60 barrier, reaching closer to 65, and we're excited about this mix of coated board on Machine 28. Thank you.

Hi, everyone. Thank you.

I'll stick to one question so that everyone gets a chance. You mentioned [BRL 1.52 billion] of cash generation for 2027 as something that can be reached by the company.

You're saying that the leverage is within the range you expect for the company, and that you might not have so much pressure to deleverage. What should we expect from this buyback pace?

Gabriel, I'm sorry to interrupt. I apologize, but we can't hear your question.

I'll let Gabi answer your question about share buyback and free cash flow, and then we'll continue with the next question.

Hi, Gabriel. Good morning.

Going back to the company's deleveraging process, I'd just like to underscore that we always talk about this information referring to the future, but this is something that has already happened to a major extent. In the last 12 months, we were close to the top range of our policy, 3.9, and we brought this consistently to the middle of our policy.

This doesn't mean that we won't have more in the future. Obviously, we're trying to deleverage.

This is a natural movement that Cristiano mentioned of things that have been done in the company, which will be reflected in our cash flow generation. This is something that we expect, but we brought the company to a very comfortable level in managing our debt.

We have a long maturity. We don't have any relevant short-term maturities, so it will be faster or slower according to the market.

We've had financial discipline to place the company on this trajectory. In this context, like Cristiano said, we also announced this quarter the share buyback program.

We have trust in the company's fundamentals. We're convinced that we will have good periods ahead of us.

Since we're not expecting to make significant investments, like Cristiano said, returns to shareholders will be an important alternative in the future. Does that mean that we're going to stop paying our debt?

No. We're always looking at the opportunities that we have in the company, and as cash generation becomes more intensive in the future, this will be an important alternative.

But of course, this will depend on the performance of the share. One last point, Gabriel.

Referring to Rodolfo's previous question as well. Klabin has 4.4 million tons, and I don't know any other company with a portfolio like ours.

I'm very excited. I'm sitting on some facts that you can look at, the products that we're offering to the market, and I always talk about long fibers.

Considering our portfolio, I said to Rodolfo that we're not going to invest in any transformational capacity for the next years. This doesn't mean that Klabin in the future, in the same five years, will not be relatively bigger than it is now.

Our peers that have long fibers, LPB and prime products, these companies are reducing their capacity. Klabin in five years, even without any investments, will be globally stronger than it is right now.

In five years, with the different geopolitical situation and so on, we can think about greater transformations.

Hi, everyone. Can you hear me?

Good morning. I have a couple of quick questions.

If you can answer this in a minute or less, that will give others the chance to ask as well. I wasn't even going to ask this question, I've been hearing from you that buyback has been your focus.

We seem to be hearing this more frequently than in the past. Recently, you changed your buyback policy to 15% of your EBITDA.

Is it on the table to have a new change in your policy to open up some more space for buybacks? That's my first question.

Secondly, talking quickly about coated boards, your outlook is that you will have an improvement in the next quarter. Is there still a scenario of trade down?

I know that you've been seeing this in the last quarters. Those are my questions.

Thank you.

I'll try to be brief. Again, we're paying at the middle of a policy.

[15%] in cash generation, we can pay [10%]. We do have some space in our current policy.

Just as we can pay more, this will depend on the board's decision in the next years. From our perspective, this payment of [15%] is at the right level, we've been better in buybacks because in previous periods, we presented even with investments that you didn't have the same vision as we did.

We always presented significant investments with [4 percentage points] or more points above unlock. This happened to all of them, including Figueira, we were very successful.

We're very proud to talk about Figueira. We spent two years selling and transferring paper to our area.

I think you understand this very well. Now we don't have anything [4 percentage points] or [5 percentage points] above the lock to present to you.

We won't do that, buyback is definitely a return. Our capital allocation strategy from my perspective, from our peers, from the board's perspective, was very precise in the last few years, now we're being very precise about our buyback.

That's why we're talking about it, because in the past, it wasn't worth it. Your next question was about coated board.

Yes, out of the 1 million tons that we're producing now, we have 700,000 tons of LPB, which is for milk, we're exporting this to all LPB manufacturers in the world. We're very close to beer in Latin America, we have 70,000 tons of CUK.

We're very confident. Of course, there's a variation, as you noticed.

We saw Heineken and others saying that the beer consumption went down after the World Cup. We had peaks as inventory was built up for the World Cup, it seems to have bounced down to the regular levels.

This is the minimum that we expect for us in coated board. We're confident about milk and beer.

If you look at beauty and cleaning, this grew significantly in the last months, this also represented a significant volume for us. There are other products that I could mention here as well.

We're saying that we will continue to readjust the price for premium products. Our strategy is not to work with folding, which is a more commodity type of coated board that competes with Chinese imports.

We do manufacture it for clients who want it, but our focus is always for premium products, meaning long fiber. Great.

Thank you.

Hi, everyone. I'll be brief as well.

My question is about pulp. If Nico can tell me a bit.

We've seen that pulp prices have changed in the last quarter. If you can tell us a little bit why your performance has been so good and if that's sustainable for the future.

Do you believe that the recent reduction in price in the short term has been enough to bring buyers back to the table? Was this enough for you to see an increase in your order book, which might have been weaker at the end of the quarter?

In any case, congratulations on the prices that you were able to achieve. Thank you.

Thank you for your question and your comments. I don't think it will come as news because we've always been saying about how we're not exposed to the Chinese market, or we're not very exposed to the Chinese market.

We've always given preference to contracted volumes in mature markets where we have competitive logistics, despite having some competitive prices to China as well. We always prefer the tissue market, which is resilient.

We've been increasing our exposure there. Graphic papers and segments in which we can capture from our fiber basket.

Clients who buy not only short fibers, but long fibers and fluff. This all maximizes our prices and margins.

We try to get ahead of the market whenever we can. Obviously, we are not as exposed.

This helps us with flexibility in moving values among regions, but the same strategy is seen in other players. We try to get ahead of them as much as we can to maximize these results.

This will continue because, of course, we want to prioritize our revenue.

Thank you, Nico. This recent drop, was it enough to turn buyers back on, or has it still been difficult to close deals at these lower levels?

Sorry, I forgot to answer that question. Yes, we do see that despite our smaller share of the market in China, this price correction that we saw in the last months is triggering a higher fiber consumption.

We didn't see any difference in Europe or in other markets during this third quarter. We still expect volumes to be normal.

What we're looking at now is that we expect the market to remain stable after September, after all this price, or excuse me, cost pressures with high-cost makers.

Thank you. Thank you everyone.

We'll see you during the next call.