Operator

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Q1 2026 Trading Update Conference Call and Live Webcast. I am Mira, the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Mr. Xavier Rossinyol, CEO of Avolta. Please go ahead, sir.

Xavier Rossinyol
Chief Executive Officer

Thank you very much. Good morning, good afternoon, good evening, everybody. Thank you for attending this trading update for the first quarter 2026 of Avolta. My name is Xavier Rossinyol, and I'm here with our CFO, Yves Gerster. I'm going to go straight to the highlights in Page 4 of our presentation.

We have presented today a strong and positive results for the first quarter of 2026. Our core turnover reached CHF 2.9 billion with an organic growth of 4.7%. Without the estimated effect of the Middle East crisis, our organic growth would have been 5.9% on the first quarter of the year. Core EBITDA has reached CHF 190 million, which implies a margin of 6.6%, which is 20 basis points better than last year for the same period.

Equity free cash flow has been negative as it is always on