Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Interpump First Quarter 2026 Financial Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Fabio Marasi, CEO of Interpump. Please go ahead, sir.

Fabio Marasi
CEO & Executive Director

Thank you. I'm Fabio Marasi, Interpump Group Chief Executive Officer. Good afternoon or good morning, depending on your time zone, and welcome to this Interpump First Quarter 2026 Financial Results Conference Call.

Before starting, I would like to inform you that Elisabetta Cugnasca, former Head of Investor Relations, recently left the company and that starting from June 1, the new Head of Investor Relations will be Mr. Federico Pavesi joining us after a long experience in CNH and Carli to whom I formulate my best wishes for his future within Interpump Group.

As usual, I must draw your attention to the disclaimer slide inserted in the next part of the presentation, that I hope, you were able to download from our website. I will start the Q1 '26 presentation, as always, with past and future numbers. Past numbers on an organic basis in the first quarter 2026, we had a 2.2% organic growth, positive number for the fourth consecutive quarter and the minus 2 EBITDA, with a 60 basis point EBITDA margin dilution, mainly explained by the different contribution from the