Marco Levi: Cadence of EBITDA. Yes. I mean we do — we are at $151 million at the end of the first half. And we have confirmed our guidance of $270 million to $300 million. The market is extremely challenging at the moment in terms of volumes, in terms of price trends. Our expectation is to see better conditions in the new year. But in the meantime, we expect to deliver good results in Q3 and lower results in Q4 due to the fact that we will have to slow down our production in France due to the energy conditions.
Lucas Pipes: Got it. So really like the cadence of Q3 and Q4 is really driven first and foremost by your volumes.
Marco Levi: Yes. Correct.
Operator: And the next question comes from the line of Martin Englert from Seaport Research Partners.
Martin Englert: Good afternoon, everyone. I wanted to touch on costs. Costs were well managed in the recent quarters, but maybe what you are seeing incrementally there as we move into and through the back half of the year, kind of your expectations that we’ll continue to see some deflation there that will act as some mitigating factor on the declining price environment.
Marco Levi: You want to start, Beatriz, on cost?
Beatriz García-Cos: Yes, I can start. Thank you, Marco. Martin, I think on the cost side, what we have been seeing in this quarter is, in general, a decrease in the raw material pricing. The only raw material with prices that are still holding is coal and the [indiscernible] as well. I think going forward, we continue to see this trend sustained in Q3 and in Q4. I think the big caveat for us is around the coal pricing. Of course, the main contributor to the cost is the energy benefits that we have to run our assets in France.
Marco Levi: Yes. Martin, we continue to benefit of our energy contracts, particularly in France in Q3. And as I mentioned, during Q3, we will have to be like we have done last year, some level of inventories to support the slowdown of production foreseen for the end of Q4 in France in silicon metal.
Martin Englert: And some of those items like the — that were adjusted for EBITDA and/or were beneficial from a cost perspective that you called out while reviewing the size like the PPA and carbon credit. What’s the expectation that will continue at like a similar rate? Or are those off the table for the remaining quarters?
Beatriz García-Cos: Yes. Martin, in this quarter, we adjust to the EBITDA, the PPA that we signed in Spain. It was a swap for 2 months. So you saw the impact that we adjusted even if it is — it’s a positive impact in the quarter. And then I think as one of the highlights in our presentation, we said that we signed or execute the first PPA in Spain. And this would be the first one because our target is to cover more or less 50% of our energy consumption with this PPA. So you can expect more movements like that going forward.
Martin Englert: Okay. Well, earlier in the call, you said that the new — maybe I misheard it, but the new Spanish PPA wasn’t effective until I thought January 2024. Is that right?
Marco Levi: You are right, Martin.
Martin Englert: Okay. Got it. How about — I guess this is along the same lines as the EBITDA cadence question, but maybe if you can touch on volumes specifically, thinking about third quarter, fourth quarter, I think you alluded to fourth quarter volumes probably sequentially lower. Is that — maybe if you could review that…
