Kristian Tammela
Vice President of Investor Relations

Good morning, all. Welcome to Huhtamaki's Q1 2026 Results Call. My name is Kristian Tammela, VP of IR. We have today released the Q1 report and are hosting our AGM later today. We will now have a presentation first by President and CEO, Ralf Wunderlich; and then by CFO, Thomas Geust. And after that, we, as usual, have time for Q&A.

And with that, let's get started and handing over to Ralf.

Ralf Wunderlich
President & CEO

Thank you very much, Kristian, and welcome, and good morning to all of you listening into this results call today. I'm, in fact, very pleased to report that we had comparable net sales growth in what you know is a very challenging market. And of course, our growth was supported also by volume growth, which is also very pleasing. Negative currency impact, which we have seen last year in 3 of the last 3 quarters already continued into the first quarter this year, which is giving us a negative impact both on the net sales side as well as on the EBIT side. However, our adjusted EBIT margin increased versus last year and is at 10%. So we are again very pleased with that outcome. Our focus on capital discipline also continued and enabled us to show a very strong cash flow in the first quarter, significantly up on last year. Again, we are, and that's the news of February, end of February now, ask to navigate the challenges which we are seeing from the war in the Middle East. So the