Julia Weinhart
Head of Investor Relations

Good morning, everyone, and thank you for joining us today. It is a pleasure to welcome you to our investor and media conference call. We appreciate your continued interest in lastminute, and we will now take you through our Q1 2026 results and strategic developments, followed by our Q&A session.

With this, I will hand it over to Alessandro now to begin.

Alessandro Petazzi
Executive Director & CEO

Thank you. Thank you, Julia, and thank you, everyone, for joining us as we take a first look at our Q1 2026 results. And actually, I'm pretty pleased to report that we had a very good and resilient start of the year. And I think this is important in a context in which media always represents the travel sector in the past few months as a sector in deep troubles.

We've been hearing peers talking about being minus 20%, minus 30% compared to last year. This is definitely not what we are seeing. It's not what we're seeing in the numbers of Q1, but we will comment today. It's not what we are seeing in the first trading results in April and May in terms of volume. So our story is definitely a different story. It's a story of growth compared to 2025. And I would say that this is not because we're lucky, but it's a combination of 4 different elements.

Three of them are structural. The fact that we mostly sell European destinations to