Operator

Good morning, ladies and gentlemen. My name is Adam, and I will be your conference operator today. At this time, I would like to welcome you to Ferguson's first quarter results for the period ended March 31, 2026 Conference Call.

[Operator Instructions] I would now like to turn the call over to Pete Kennedy, Ferguson's VP of Investor Relations. You may begin your conference call.

Pete Kennedy

Good morning, everyone, and welcome to Ferguson's quarterly earnings conference call and webcast. Hopefully, you've had a chance to review the earnings announcement we issued this morning. The announcement is available in the Investors section of our corporate website and on our SEC filings web page. A recording of this call will be made available later today.

I want to remind everyone that some of our statements today may be forward looking and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, including the various risks and uncertainties discussed in our Form 10-K available on the SEC's website. Also, any forward-looking statements represent the company's expectations only as of today, and we disclaim any obligation to update these statements.

In addition, on today's call, we will also discuss certain non-GAAP financial measures. Therefore, all references to operating profit, operating margin, diluted earnings per share, effective