Hermann Haraldsson
Co-Founder & Group CEO

Good morning, and welcome to our Presentation of our Q1 2026 Report. Yes, let's just go to the agenda slide. We will have the usual agenda for the presentation, and I will present the highlights of the quarter and the strategic update before handing over to Michael for the financials.

So next slide, please. We have said that 2026 would be a year of growth acceleration and the first quarter tells us that we are back on track for that. We delivered 4% constant currency growth. And while January and February were soft, momentum changed in March, which saw a significant increase. This correlated with the launch of our spring/summer assortment where we went into the season with around 35% more styles than last year and an assortment that we believe is the most relevant and inspiring we have offered for some time. And we can see that our customers are responding. So that's very positive.

On profitability, the underlying margin continues to improve. Our adjusted EBIT margin increased slightly versus last year despite significant FX headwinds. Looking ahead, we are in a strong position to push harder in the second half. Our inventory is clean and healthy, and we have already committed to a significant ramp-up for the autumn/winter season to fully capture the growth momentum that we are building.

We will do this from our new base as the headquarter transition to Copenhagen was completed