Q: Could you share your thoughts on the outcome of the London Pulp Week and the sentiment across the industry for the end of this year and next year? A: The sentiment from London Pulp Week was positive. In the short term, China appears stable with prices expected to remain steady until the Chinese New Year. Europe is also stabilizing, with prices likely to converge towards China's, maintaining a small premium. Looking into next year, restocking in China post-New Year could absorb new supply, and we expect stability with a potential upswing in the second half of the year. (Jose Armindo Farinha Soares De Pina, CEO)

Q: What is the expected trend for cash costs next year, considering the exit levels of 2024 and lower average pulp prices? A: We expect cash costs to remain stable at current levels, with potential slight improvements. We are operating on a steady cash cost base and are continuously looking for efficiency improvements. (Jose Armindo Farinha Soares De Pina, CEO)

Q: Could you provide details on the CapEx investment for Biotek's conversion from BHKP to dissolving pulp and the expected production levels? A: The full conversion of Biotek to dissolving pulp is expected by the end of 2026, with a target production level of about 200,000 tons. The total investment for this conversion is estimated at around EUR50 million, spread over several years. (Jose Armindo Farinha Soares De Pina, CEO)

Q: What was the impact of the tax reimbursement on net debt during Q3, and how will the turbine incident affect Q4 and Q1? A: The tax reimbursement in Q3 was slightly above EUR20 million. The turbine incident will have an estimated impact of EUR6 million in Q4 2024, with insurance covering the rest until the turbine resumes operations in Q1 2025. (Vitor Miguel Jorge Silva, CFO)

Q: Can you provide an update on the Gama project and any implications from the Biotek conversion? A: The Gama project is progressing with the environmental permitting process, expected to conclude by early 2025. The Biotek conversion has no implications for Gama, as they are separate projects. The Gama project is focused on obtaining the environmental license and securing financing. (Jose Armindo Farinha Soares De Pina, CEO)

For the complete transcript of the earnings call, please refer to the full earnings call transcript.