Johan Lindh
Vice President of Investor Relations

Welcome to Outokumpu's results webcast. I'm Johan responsible for Investor Relations. We will start with the presentation by our CEO, Kati ter Horst; and our CFO, Marc-Simon Schaar. After the presentation, you have the opportunity to ask questions over the lines.

And with that, Kati, I hand over to you.

Kati Horst
President & CEO

Thank you, Johan. So let's start then, and also from my side, very, very welcome to our results call today. A couple of words just to kind of say, how do we look at the Q1? I would start by saying that we clearly saw more favorable market dynamics and that also underpinned the higher adjusted EBITDA that you saw in our results. So our adjusted EBITDA increased to EUR 65 million, of course, from a very low level than in Q4 last year. So we've seen that the stainless steel market activity has improved, and it has been driven by seasonal factors, but also CBAM-related factors in Europe. And ferrochrome market remained very balanced and also favoring our Outokumpu's very low emission European offering.

And then we are continuing the implementation of our EUR 100 million restructuring program. And as we said before, we expect about half or a little bit more of the savings to be booked in 2026. And our EVOLVE growth strategy