Operator

Welcome to CellaVision Q1 Report 2026. [Operator Instructions]

Now I will hand the conference over to CEO, Simon Ostergaard. Please go ahead.

Simon Østergaard
CEO & President

Thank you very much, and thanks for dialing in to this quarterly financial call, I have our CFO, Monica Jonsson, with me, and we are pleased to present our results and answer any questions you may have subsequent to the presentation.

So we just released the first quarterly report, and it was with a header, soft quarter due to lower sales in EMEA. The quarter resulted in net sales that decreased by 14.6% to a revenue of SEK 166 million. So that's an organic decrease of 6.6% as we had almost 8% headwind on currency. EBITDA amounted to SEK 40 million, so that corresponds to 24%. And as we say in the report, the -- and given the title here, EMEA is affected by inventory adjustments with our main distribution partner and that is what has caused this significant negative growth compared to the comparable quarter last year. So that's the bad news. There are no fundamental changes to our business model or the market conditions but this is the situation that we announced today.

We are also announcing that we have continued momentum in our strong region in Americas, and we continue to see double-digit organic growth in Americas. And furthermore, and this is getting more broader within APAC, we see traction to convert labs, and