Strategy and Focus - The company aims to enhance competitiveness and drive value creation by focusing on strategic levers such as pulp capacity expansions in Latin America and Asia, and the acceleration of new integrated capacity in China[5, 7, 10] - A key strategic goal is deleveraging towards a net debt/adjusted EBITDA ratio of less than 2.5x[10] - The company is focusing on extracting value from previous capital allocation decisions and accelerating the fiber-to-fiber (F2F) strategy[10] - The company is implementing cost reduction initiatives, aiming for R$80 million to R$115 million in total cost reduction by 2026[101] Pulp & Paper Market Dynamics - The market for BHKP (Bleached Hardwood Kraft Pulp) is experiencing organic growth, with a CAGR of +2.1% expected from 2024 to 2029, increasing from 41.4 Mt to 45.9 Mt[14, 17] - BHKP is gaining market share in BCP (Bleached Chemical Pulp), with an estimated 700 kt of F2F demand in 2025[20] - New confirmed BHKP integrated capacity is projected to reach 6.0 Mt between 2025 and 2029[29] Financial Management - The company is adopting a more conservative approach towards its net debt target, aiming for a net debt/adjusted EBITDA ratio of less than 2.5x[149] - The company has successfully issued debt in 2025 below its bond curve, with the 2036 bond achieving the company's lowest G-Spread ever[150] - The company is protecting cash flow exposure against FX risk through a consistent hedging policy[156]