Geoffroy Raskin
Vice President of Investor Relations & Financial Communication

Good morning, everyone, thank you for joining us today. I'm Geoffroy Raskin from Investor Relations. I'm pleased to have with us Laurent Nielly, our CEO; and Geert Peeters, our CFO, to present the results for the first quarter of 2026.

Before that, let me remind you of the safe harbor regarding forward-looking statements. I will not read it out loud, but I will assume you will have duly noted it.

With that cleared up, Laurent, over to you.

Laurent Nielly
Chief Executive Officer

Thanks, Geoff. Good afternoon everyone. I will provide a few introductory comments on the quarter. Geert will cover the financial analysis. And then I will come back to give you a few thoughts on what we see and also on our strategic review progress.

Overall, Q1 was a relatively soft quarter. Not a surprise, as we had indicated in February that our results this quarter would be in line with Q4 of last year and thereby down versus a relatively strong first quarter in '25. And importantly, we delivered on what we expected.

Revenue was down like 4% like-for-like compared to a year ago because of weaker market demand in Baby and Feminine Care, even if in retailer brands, we slightly outperformed the market overall, and because of some lower