Ronojoy Banerjee
Communications Lead - Finance

Good morning, and a very warm welcome to this Volvo Cars press conference, where we will be talking about our first quarter financial results and our strategic direction as a company.

My name is Ron. And as always, this morning, I'm joined by our President and Chief Executive, Hakan Samuelsson; our Chief Financial Officer, Fredrik Hansson; and we're also joined by our Chief Commercial Officer, Erik Severinson. At the start of this press conference, Hakan, Erik and Fredrik will walk us through our performance. And thereafter, we'll throw it open for a question-and-answer round.

You can participate in the Q&A around in two ways. [Operator Instructions ] I'll come back with more information ahead of the Q&A round.

But for now, I'll hand it over to you, Hakan.

Hakan Samuelsson
CEO, President & Director

Thank you, Ron, and welcome to the presentation of our quarter 1 result. It has been a mixed bag quarter. I mean external factors, extremely turbulent geopolitical situation, tariffs, currency also has been negative for us. Altogether, that has given us a revenue drop of 12%, 11% volume drop.

But we have also seen a very successful internal work with cost and cash. And that is really the reason why we have closed the quarter. Despite 11% volume drop, we have a profitability level more or less equal to first quarter last year. And that is thanks