Operator

Ladies and gentlemen, welcome to the Aperam First Quarter 2026 Results Conference Call. I'm Vicki, the Chorus Call operator. [Operator Instructions] The conference is being recorded. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Sud Sivaji, CEO. Please go ahead.

Sudhakar Sivaji
Chief Executive Officer

Hi. Good afternoon. Thank you very much for joining our conference call today. All our comments were contained in the podcast that we published this morning, which supports our quarterly financial reporting and where applicable, our disclosure of regulated information. We hope we can also save more time so you can ask pertinent questions during this call.

Together with my colleague, Nicolas Changeur, I'm looking forward to this dialogue with you. So, let's start right away with the Q&A. Operator, can you please open the lines?

Operator

[Operator Instructions] We will take the first question from Tristan Gresser with BNP Paribas.

Tristan Gresser
BNP Paribas, Research Division

The first one is on Stainless Europe. We've seen U.S. stainless price rising close to EUR 600 per tonne since Q4. Scrap prices are also up, maybe EUR 400 per tonne. So, it looks like you have a solid spread expansion year-to-date. But in your guidance, I have been surprised you do not mention any price cost effects into Q2. So maybe can you discuss the other elements of your cost base and if we