Glen Thomas Pearce - CFO & Executive Director

Graeme Wild - CEO of Sappi Southern Africa

Marco Eikelenboom - Chief Executive Officer of Sappi Europe

Michael George Haws - Chief Executive Officer of Sappi North America

Mohamed Iqbal Mansoor - Executive Vice President of Sappi Pulp

Stephen Robert Binnie - CEO & Executive Director

Conference Call Participants

Brian Morgan - Morgan Stanley, Research Division

Ephrem Ravi - Citigroup Inc., Research Division

James Perry - Citigroup Inc., Research Division

James Twyman - Prescient Securities (Pty) Ltd., Research Division

Reinhardt van der Walt - BofA Securities, Research Division

Sean Ungerer - Chronux Research Pty. Ltd

ob - Unidentified Company

l I - Unidentified Company

c. All Rights reserved. - Unidentified Company

Good day, and thank you for standing by. Welcome to the Sappi Q3 2025 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Steve Binnie, CEO. Please go ahead.

Stephen Robert Binnie

Good day, everybody, and thanks for joining. As always, I'll go through the investor presentation, calling out page numbers as I move through. And just starting on Page 2, we've got the comments around forward-looking statements there for you to refer to. Page 3, just putting the quarter in context. Obviously, it's been a challenging quarter marked by ongoing global economic weakness, partially, obviously, driven by the tariffs and the trade tensions, but broader macroeconomic challenges as well. And that's had a significant impact on selling prices, particularly for us, obviously, dissolving pulp, which we saw substantially lower. But not only that, we've seen packaging grades in all our regions, packaging and specialty grades coming under a bit of pressure. And then specifically in Europe and export markets, graphic paper also coming under some selling price pressure.