Operator

Good afternoon, good morning, everyone. Thank you for joining the Ermenegildo Zegna Group First Quarter 2026 Revenues Call. Please note that today's material and presentation are available under the zegnagroup.com website.

Before we begin, we need to point out that the team will make certain forward-looking statements during the call. The Group actual results may be materially different from those expressed or implied by these forward-looking statements. Also, these statements are subject to a number of risks and uncertainties, including those described in our SEC filings. Please refer to the forward-looking statements cautionary statement included on Page 2 of today's presentation.

I'll now hand over to Paola Durante, Chief External Relations & Sustainability.

Paola Durante
Chief of External Relations

Thank you. Thank you, operator, and good morning, good afternoon, everyone. Welcome to our first quarter 2026 revenue call. Today, I'm joined by our group CEO, Gianluca Tagliabue, who will lead our call shortly. I will begin with a brief comment on our Q1 revenues before handing the floor to Gianluca.

Let's therefore move directly to Page 7 of the presentation. As always, I will comment on revenue -- on organic revenue trend because they better reflect the underlying business dynamics, excluding