Mondi plc

to discuss today's trading update. I'm Andrew King, your Group CEO, and with me is Mike Powell, our CFO. I'm sure you've all seen the announcements. I'm just going to pick up on a few points before we welcome any questions. The first quarter of the year was characterized by higher sales volumes, good cost control, and fewer planned maintenance shuts. These offset lower average selling prices when compared to the fourth quarter of 2024. and the line EBITDA for the quarter was reported at 290 million euros. Importantly, we continue to make good progress ramping up production at our capacity expansion projects. Our new craft paper machine at Stetti, which we started up in December last year, is showing excellent results in terms of both paper quality and production volumes. We are also delighted that our newly converted paper machine Arduino in Italy successfully started up on time and on budget in April. We're also pleased to welcome our 2,200 new colleagues from Schumacher to Monde and we look forward to working with them to drive sales and provide our customers with an enhanced range of solutions. Before handing over to take questions, just a quick point on the tariffs. As we said in our statement, the direct impact on our operations is limited. with under 3% of our revenue involving export sales to the US. However, we remain mindful of the potential second-order impacts that could affect trade flows, consumer confidence, and supply chains. With that short introduction, I'm happy to hand over to questions, so it's back to the operator.

Thank you very much. Right, we do have a variety of raised hands, so we're going to start with Cole from Jefferies. Cole, if you'd like to unmute and ask your question, please.

Morning, thanks for taking the question. If I could just start on any changes in cost inflation that you're seeing, be it wood costs, and then I just like your commentary on the waste paper costs have obviously moved higher into the second quarter, and I'm just wondering how Monty's positioned with waste paper costs and majority of your costs being from the wood side. Secondly, on the Schumacher acquisition, you know, you've had the business now for 30 days. Just like initial thoughts on how that acquisition is progressing. Thank you.