Varenya Vadlamani

Good evening, and thank you for joining us as we discuss our sales update for Q1 2026 that ended on the 31st of March 2026. Today, we have with us our Chief Executive Officer, Jose Manuel Muniesa; and our Chief Financial Officer, Miquel Angel Serra. Jose Manuel will share some brief remarks, and then we will open up the line for Q&A. The presentation and the press release are available on our website, where you will also be able to access a recording of the call after the event. Jose Manuel, the floor is yours.

Jose Manuel Muniesa
Chief Executive Officer

Thank you, Varenya, and good evening. It's my pleasure to be delivering my first earnings call today as the CEO of Puig. Before we get into our comments about Q1, I wanted to address what is likely front of mind for most of you. On the 23rd of March, Puig confirmed ongoing discussion regarding a potential business combination with The Estée Lauder, in which the 2 companies will potentially merge their business.

As of today, we can confirm that conversations are ongoing, but no final decision has been made yet. We acknowledge that there is a lot of curiosity about the progress of these discussions. However, unless an agreement is reached, there can be no