Operator

Good day, and welcome to the Sappi FY 2026 Results Call. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to hand you over to your host today, CEO, Steve Binnie. Please go ahead.

Stephen Binnie
CEO & Executive Director

Thank you, operator, and good day to everybody. Thanks for joining us. As always, I'll go through the investor presentation, calling out the page numbers as I move along. And to start just on Page 2, just to draw your attention to our comments around forward-looking statements.

Moving to Slide 3, which is a high-level summary of the quarter and the results. And it's fair to say it's been a very challenging quarter. And perhaps just focus on some of the larger items that have influenced the performance. And it's really 2 broad themes. And firstly, it's selling prices were down across all the regions and linked to the weak market conditions. But more specifically, the DWP price was substantially lower than a year ago market prices, $130 actually lower than a year ago. So that had a substantial impact.

We also -- we've seen packaging prices globally come under pressure, which has had an impact on our markets even where demand