Matias Jarnefelt
Chairman of the Management Board & CEO

Hello, everyone, and welcome to Harvia's Quarter 1 '26 Earnings Webcast. My name is Matias Jarnefelt. I'm the CEO of the company. And with me, I have Ari Vesterinen, our Chief Financial Officer.

Ari Vesterinen
CFO, Secretary & Member of Management Board

Hello.

Matias Jarnefelt
Chairman of the Management Board & CEO

We will run today's session as follows. I will start presenting by going through the highlights of the quarter 1 business results, financial performance and also steps we are taking to implement our strategy and build Harvia's future. After that, Ari will go through the financial numbers in more details. After which, we are ready for your questions. And as usual, you can submit your questions in the chat box in this webcast window.

So let's get going. Quarter 1 '26 was a good quarter for Harvia. Our revenue increased by 12.7% to EUR 58.6 million, and that represents our all-time high in terms of revenue so far. All growth was organic and revenue grew by 18.3% at comparable exchange rates. We grew in all of our 4 regions that we report and particularly strong performance in euros was in APAC and Middle East and Africa and Northern Europe. Dollar depreciated a lot versus quarter 1 last year, around 10%, and that negatively impacted our reported sales that we report in euros. In local currencies, North America grew by over 20%.

During the quarter, we delivered also solid profitability by delivering adjusted operating profit of EUR 12.9 million and that represents exactly 22% of our revenue. Profitability