Operator

Good day, and thank you for standing by. Welcome to the Billerud's Q1 Report 2026 Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Lena Schattauer, Head of Investor Relations. Please go ahead.

Lena Schattauer
Head of Investor Relations & Director Investor Relations

Good morning, and welcome to this presentation following the publication of our interim report for the first quarter 2026. Billerud's President and CEO, Ivar Vatne; and our CFO, Andrei Kres, will present. And after that, we will open up for questions.

By that, I would like to hand over to Ivar.

Ivar Vatne
President & CEO

Thank you, Lena, and good morning, everyone, and thank you all for listening in to our comments this Tuesday morning. It's been another quarter with twists and turns and yet again, some unexpected events to navigate through. The heading on the slide is our summary of the quarter, but as you would expect, some nuances between our regions.

So let's get into it, and next slide, please. As expected, it's been a tough start of 2026, fighting a challenging market, but we continue to see different realities between our 2 regions. And there are also some clear positives to comment on.

In North