Borja Riestra Marín

Good morning, everyone, and welcome to the Acerinox First Quarter 2026 Results Presentation. As you well know, the global landscape is defined by numerous uncertainties, including regional conflicts and ongoing tariff wars. The results obtained in Q1 2026 confirmed that the situation is improving despite the continued uncertainty.

For this presentation, we have here with us, our Chief Corporate Officer, Miguel Ferrandis; our Chief Financial Officer, Esther Camos; and the IR Communication, Consolidation and Reporting Director, Carlos Lora-Tamayo, who will explain our Q1 results.

Before we start with our presentation, let me remind you that this conference call is being broadcast on our website, acerinox.com. And now I will hand you over to our Chief Corporate Officer, Miguel. Go ahead, please.

Miguel Ferrandis Torres
Chief Corporate Officer

Thank you, Borja. Thank you all of you for attending this presentation. Just 10 weeks ago, we were presenting the year 2025 figures. We define year '25 as the year of uncertainty. And we were hoping that the year '26 should provide us a much more comfortable scenario. But having said that, the day after our results presentation started the conflict in Iran. So since that time, we are keeping the uncertainty. In addition, we have energy crisis and substantial higher volatility than the one we were experiencing at that time. So now the whole world is in tension. But having