Arctic Paper S.A.

Hello and welcome to today's presentation with Arctic Paper. If you have any questions, please feel free to use the form that's located to the right and we'll take that up during the Q&A section. And with that said, please go ahead with your presentation.

Good afternoon. Katarzyna Wojtkowak and Michał Jarczynski would like to present the preliminary result of ENTIRE2024.

Let's start with a short summary of numbers. These are the preliminary Q4 results for the Arctic Paper Group. In Q4, as in the rest of previous year, we have experienced the difficult overall macroeconomic situation in Europe. Therefore, the results are a little bit lower in comparison to the previous year. In terms of net sales, it was 810 million Polish zlotys in comparison to 825 in the same quarter of the previous year. One of the impacts of that was the low volume of salt pulp in our pulp segment. On the other hand, even though we sold a little bit more of tons in paper, the prices were slightly lower in comparison to the same quarter of previous year. In terms of EBITDA, in Q4 we reached close to 39 million slots of EBITDA, which is significantly lower than Q4 of 2023. And apart from the reasons that I mentioned before in lower net sales, we have also experienced high prices of our raw materials. It was both high prices of pulp for the paper segment, which was almost for the whole year. It started dropping in the last quarter only. Whereas in the pulp segment, we experienced very high prices of wood. In terms of net debt to EBITDA, we are still on a low, very safe level. If we go to the summary of results for the entire year 2024, the net sales was also slightly lower in comparison to the year 2023, and we reached the EBITDA of close to 300 million zlotys. The reasons for this lower EBITDA in comparison to previous period was more or less the same that I mentioned when describing Q4. If we compare the split of EBITDA between our main segments, which is pulp and paper, the ratio in percentage was more or less the same, but the numbers were lower. As I mentioned before, we still have very good stable financial situation with low net debt to EBITDA level. Michał will now present the segments.