Antje Kelbert
Head of Investor Relations

Good morning, and welcome to our Q1 update call for HORNBACH Holding. My name is Antje Kelbert, Head of Investor Relations. Earlier today at 7 a.m., we published our financial results for the first 3 months of fiscal year 2026-'27, covering the period from 1st of March until the end of May 2026.

I extend my warmest welcome to our CFO, Dr. Joanna Kowalska, who will be our host today presenting our latest set of numbers. Please note that this conference call, including the Q&A session, will be recorded and made available along with the transcript on our company website. Kindly also take note of the disclaimer, which applies to the entire presentation as well as the Q&A session. After the presentation, we will take your questions. The technicalities will be explained by our operator at the beginning of the Q&A session.

With that, I'm delighted to hand over to Joanna to walk us through the key developments of the first quarter of this year. Over to you, Joanna.

Joanna Kowalska
CFO & Member of the Mgmt., Board of HORNBACH Mgmt., AG

Good morning, everyone. Thank you, Antje. It's a pleasure to be back and to share our latest results with you. Before turning to the details, let me briefly outline the broader macroeconomic and retail environment we faced over the course of the first quarter. Consumer sentiment remains subdued, particularly in Germany, but also across other markets. GDP