Operator

Greetings, and welcome to the Caesarstone First Quarter 2026 Earnings Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brad Cray of ICR. Thank you. You may begin.

Brad Cray
ICR Inc.

Thank you, operator, and good morning to everyone on the line. I am joined by Yos Shiran, Caesarstone's Chief Executive Officer; and Nahum Trost, Caesarstone's Chief Financial Officer.

Certain statements in today's conference call and responses to various questions may constitute forward-looking statements. We caution you that such statements reflect only the company's current expectations and that actual events or results may differ materially. For more information, please refer to the risk factors contained in the company's most recent annual report on Form 20-F and subsequent filings with the SEC.

In addition, on this call, the company will make reference to certain non-GAAP financial measures, including adjusted net loss income, adjusted net loss income per share, adjusted gross profit, adjusted EBITDA and constant currency. The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's first quarter 2026 earnings release, which is posted on the company's Investor Relations website.

On today's call, Yos will discuss our business activity and Nahum will then cover additional details regarding financial results. Thank you, and I would now like to turn the call over to Yos. Please go ahead.

Yosef Shiran
Chief Executive Officer

Thank you, Brad, and good morning, everyone. Our first quarter results reflected meaningful structural progress in our transformation. Gross margin expanded by 100 basis points despite lower