Dave Huizing
Senior Vice President of Investor Relations

Good morning, and thank you for joining today's call. I'm sitting here with Dimitri de Vreeze, our CEO; and Ralf Schmeitz, our CFO. We published this morning our trading update for the first quarter, which you can find on our website. Here, you can also find our disclaimers about forward-looking statements. Following Dimitri's and Ralf's opening comments, we will open the line for questions as usual. Important to remind also as usual, sell-side analysts who want to ask questions have to register via the link, which they can find on our website in the financial calendar.

And with that, Dimitri, you can start.

Dimitri de Vreeze
Chief Executive Officer

Thank you, Dave. Thank you for joining this call, and I will start with a few brief introductory remarks and then hand over to Ralf, who will talk you through. We'll keep it short to allow plenty of time for questions. So DSM-Firmenich made a solid start for 2026 in its continuing business against a highly volatile macroeconomic backdrop. We delivered a 4% like-for-like sales growth, which was entirely volume driven. And this represents really good performance across the group, especially in Perfumery & Beauty. We've also announced today that we will have a dual listing of the