Operator

Hello. My name is Ellie, and I will be your operator for today. Welcome to the On Holding AG First Quarter 2026 Results Call. Please note that this call is being recorded. [Operator Instructions]

Thank you. I'd now like to hand the call over to Liv Radlinger, Head of Investor Relations. Please go ahead.

Liv Radlinger
Head of Investor Relations

Good afternoon, and good morning to our investor community. Thank you for joining on first quarter earnings conference call and webcast. With me today on the call are Caspar Coppetti, Founder and Co-CEO; Martin Hoffmann, outgoing CEO and CFO; and Frank Sluis, our new CFO as of May 1. David Allemann, Founder and Co-CEO, will also join us for the Q&A session.

Before we begin, I will briefly remind everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please refer to our annual report on Form 20-F for the 2025 fiscal year filed with the SEC on 3rd March 2026 for a detailed discussion of such risks and uncertainties. We will further