Operator

Good morning, ladies and gentlemen. Welcome to the Ence First Q 2026 Results Presentation. I'll now hand over to Mr. Ignacio Colmenares, Executive Chairman; and Alfredo Avello, CFO. Gentlemen, please go ahead.

Ignacio de Colmenares
Chairman, CEO & MD

Good morning, good afternoon, and welcome to Ence's First Quarter 2026 Results Presentation. Thank you for joining us. I'm Ignacio Colmenares, Executive Chairman. And today, I'm joined by our CFO, Alfredo Avello; and our Head of IR, Ines Alvarez.

Let me start with the strategic picture and our overall objectives. Our plan remains simple to describe and rests on 4 pillars: growth in higher-margin special pulp substituting BSKP; local wood and biomass sourcing; cash cost efficiency; and EBITDA growth in our Renewables platform, leveraging our position as the largest collector of biomass in the Iberian Peninsula.

Slide 4 summarizes the first quarter of 2026. It shows the progress we continue to make in all pillars of the strategy despite a less-than-brilliant quarter, impacted by several one-off events. Importantly, these events do not change our full year Pulp guidance. We consider that both the market and the company's costs are at an important inflection point that will be visible in future quarters.

The pulp price environment has continued the positive trajectory we saw at the end of 2025. European gross BHKP prices stood at $1,286 per tonne at the end of first quarter '26 compared with $1,100 per tonne at year-end 2025. Major producers have announced further price increases up to $1,430 per ton to