Operator

Hello, everyone, and thank you for joining the AmRest First Quarter 2026 Results Call. My name is Lucy, and I'll be coordinating your call today. [Operator Instructions]

It is now my pleasure to hand over to your host, Lukasz Wachelko from Wood & Co. to begin. Please go ahead.

Lukasz Wachelko
Wood & Company Financial Services, a.s., Research Division

Good afternoon, ladies and gentlemen. My name is Lukasz Wachelko, and I am representing Wood & Company. I have again the pleasure of moderating the call with AmRest after they reported the results. The company is being represented by CFO, Mr. Eduardo Zamarripa; and IR Managing Director, Mr. Santiago Camarero Aguilera.

Gentlemen, the mic is yours.

Eduardo Zamarripa
Chief Financial Officer

Thank you, Lukasz. Good afternoon, and thank you for joining us. We appreciate your time and continued interest in AmRest. I'm delighted to be with you today. Joining me is our Head of Strategy and IR, Santiago Camarero. Today's call objective will be to share with you how our business has performed during the first months of the year. The first quarter was marked by a more challenging macro environment, but also by continued progress in cash generation, disciplined capital allocation and resilience across our diversified portfolio.

In Europe, the year started with modest but still positive underlying momentum, gradually improving financing conditions and a relatively resilient labor market provided some support early on. However, the environment became more volatile as the quarter progressed, with geopolitical risks rising sharply following the outbreak of the war in Iran. As