Yuliya Bereshchenko
Sustainable Business Development & IR Director

Good afternoon. Thank you very much for joining the call, everyone. We can see a lot of people still connected. [Operator Instructions]

So we -- comparing our results for the first quarter this year to the previous period, we see the nice growth in agricultural revenues on back of higher volumes of pulp sales. Sugar production is down due to the pricing environment despite the higher volumes.

Soybean processing is flat and cattle farming is a revenue decline also on lower prices that caused margin compression at the growth level from 27% to 14%. We also have the creation in the EBITDA for our key segments. First of all, this sugar production at minus EUR 40 million and also cattle farming at EUR 2 million.

Also, we show our results around the impact of the Biological assets treatment in our accounts. And the margin compression is also evident here, but not as steep.

If we are turning to our cash flows even they create an environment in the market for our core products. Our focus was on increase in operating cash flows. This -- I'm just spoken in the first quarter this year and that allowed us to increase our operating cash flows by 43%.

We also reduced our CapEx -- discretionary CapEx apart from continuing the investment in our main projects in the SPC plant, which we will plan to launch this year. Lower profitability and EBITDA resulted in our leverage ratios increasing to 2.6x by first quarter '26.

And let me move to