Portucel Emprs Ord

Good morning. We welcome you to the Navigator Company First Quarter 2026 results presentation. During the presentation, all participants will be on a listen-only mode. There will be an opportunity to ask a question after the presentation. If you wish to ask a question during the Q&A session, you may do so by pressing the start followed by five for your telephone keypad. I will now hand the conference over to Anna Kanya. Please go ahead.

Good afternoon, ladies and gentlemen. Thank you for joining us for the Navigator Company First Quarter Results Conference Call and Webcast. We are joined today by the following directors, Antonio Redondo, Fernando Araújo, and Joan Leng. As usual, we will begin with a brief strategic overview, followed by a Q&A session. You can access the presentation using the links on our website, and we invite you to submit your questions through the webcast platform at any time. I will now hand over to Antonio to walk us through the key highlights for the quarter.

Thank you for joining us again today. This quarter was defined by a particularly complex operating environment. We saw an increase of the global volatility driven by increased geopolitical tensions in the Middle East, compounded by very severe weather events in Portugal that led to temporary operational disruptions. However, despite these headwinds, Navigator's performance underscores the strength of our strategic diversification. Our focus on cost discipline and productivity remains consistent. And as we will see in today's presentation, our growth segments are providing vital balance to our portfolio. In a demanding market environment, Navigator demonstrated superior resilience, delivering results that, once again, surpassed those already reported by European pulp producers and global competitors in the paper, tissue, and packaging segments. I will begin with slide 5, with an overview of the key highlights. Before we dive into the detailed operational metrics for each segment, I want to provide a high-level overview of our performance and strategic trajectory during the first quarter of 2026. As referred, the start of this year was defined by significant external pressures. Increased geopolitical instability and extreme weather in Portugal created significant hurdles for our production and logistics, while rising energy and supply chain costs past our operational agility. Despite these headwinds, Navigator delivered a resilient performance. We responded proactively with price increases across all business segments. Notably, the pricing initiatives we led in Europe since the end of last year have already succeeded in reversing a six-quarter downward trend in the PIX A4 index. The core message of today's presentation is that the resilience provided by our diversification strategy is no longer a plan. It's a sound reality. With the reduction of prices in euros in both pulp and paper, year on year, and sales volumes affected by the impact of weather events, Tissue and packaging businesses contributed with nearly 40% of our EBITDA. In tissue, we are successfully scaling up through premium positioning and partnerships, such as our license agreement with Procter & Gamble. We are prioritizing margins over volume, particularly in the UK, while investing in new capacity innovators. In packaging, our G-Crest brands is driving exceptional growth, with sales tonnage at 36% year-on-year. Our PMT rebuild is on track, transforming a mid-tier and cultural free asset into a first quartile competitive machine at the fraction of a greenfield capex. We are finding this growth from a position of strength. This quarter, we reduced net debt by 28 million euros, maintaining a conservative net debt to EBITDA ratio of 2.08 times. This balance sheet provides the cushion and the capital to continue our transition into a more diverse, innovative, and value-added company. Turning to slide 6, please, we can clearly see the external impact on our results. The quarter was negatively impacted by the before-mentioned temporary disruptions to some of our industrial operations, resulting from the extreme weather conditions experienced in Portugal. These constraints affected the available volumes of pulp and paper and led to an increase in fossil fuel consumption, particularly natural gas, with a direct impact on costs, both through higher consumption and elevated price levels, and through the increased need to purchase higher price CO2 allowances. Additionally, limited domestic food access due to weather-related constraints forced an increased reliance on imports, driving up our raw material expenses during the quarter. Furthermore, we incurred additional logistic costs due to both the exceptional reliance on sea transport, as well as transport could not be used for inbound logistics due to weather, as well as due to cost increases in outbound logistics. Our diversification strategy is clearly paying off. Recent international expansion and portfolio diversification have strengthened Navigator results in tissue and packaging, providing a more balanced and resilient earnings profile. Tissue and packaging, although they represent only 31% of our turnover, This quarter, they sum up, as mentioned, to nearly 40% of our EBITDA. A key strength of Navigator is its ability to generate strong cash flows, and that pins by our vertically integrated model and leading cost position in both ankle-to-tree paper, tissue, and flexible packaging. Finally, our strategic investments, boosted by NextGenEU, are now in their final stages and will be fully completed this year. In the first quarter, CAPEX totaled €42 million, with 50% dedicated to value-added sustainability and ESG investments. These projects will make a significant contribution to reducing our future cost base. It should be noted that our industrial performance across our pulp and paper mills improved over the course of the quarter, with January and particularly early February being clearly impacted by the extreme weather events in Portugal. I will now hand over to Fernando to walk you through our financial highlights and debt profile. Fernando, please go ahead.