Bilal Aziz
Vice President of Investor Relations & Treasury

Good morning, everyone, and welcome to the conference call for Pandora's Q1 2026 Results. I'm Bilal Aziz from the Investor Relations team and I'm joined here by our CEO, Berta De Pablos-Barbier; CFO, Anders Boyer; and the rest of the IR team. As usual, there will be a Q&A session at the end of the call. [Operator Instructions]

I would also like to draw your attention that at 12:00 CET today, there will be a national Danish emergency alarm system test. So you might hear some background noise, but hopefully, that doesn't interfere. Please pay notice to the disclaimer on Slide 2 and turn to Slide 3. I will now turn over to Berta.

Berta De Pablos-Barbier
CEO, Chief Marketing Officer & President

Thank you, Bilal, and welcome, everyone. I am going to first start with a brief summary of our quarter 1 performance before turning to an update on the strategic initiatives we outlined back in February on how we were going to reenergize growth. So let's start.

In quarter 1, the quarter played out broadly as expected. We delivered 0% like-for-like growth