Operator

Hello. Welcome to the IMCD's First 3 Months 2026 Results Conference Call, hosted by Marcus Jordan, CEO; and Hans Kooijmans, CFO. [Operator Instructions] I would now like to give the floor to Marcus Jordan. Mr. Jordan, please go ahead.

Marcus Jordan
CEO & Member of Management Board

Thank you very much. Good morning to you all, and a warm welcome. I'm Marcus Jordan, and I'm here today with our CFO, Hans Kooijmans, for the first 3 months 2026 results, which we published in a press release earlier this morning. I'm going to keep my opening brief to allow sufficient time for Q&A, as we have our AGM immediately after this meeting. And so we have a hard stop at 10:00.

Our first quarter of 2026 delivered solid results against a strong Q1 2025 comparable, and I'm happy to report an increase in free cash flow and a robust cash conversion margin. During the previous full year call, we referred to positive conversations with our suppliers and customers regarding the demand outlook and green shoots potentially coming our way. Since that full year call, a lot has happened, as there have been some reversals in tariffs following the court