Aki Vesikallio
Vice President of Investor Relations

Welcome to Hiab's First Quarter 2026 Results Call. My name is Aki Vesikallio. I'm from the Investor Relations team. Today's results will be presented by CEO, Scott Phillips; and CFO, Mikko Puolakka. As a reminder, please pay attention to the disclaimer in the presentation as we will be making forward-looking statements.

Before handing over to Scott and Mikko, let's take a look at the highlights of the quarter. Book-to-bill was positive in all three geographical areas. Our sales were still impacted by low order intake in the U.S. during the previous three quarters. However, our comparable operating profit margin increased sequentially to 13.5%, and we continue to deliver strong cash flow. The new operating model announced in January was successfully implemented in the beginning of April.

We also specified our outlook for full year comparable operating profit margin from above 13% to above 13.5%. Let's then view today's agenda. First, Scott will present the group level topics. Mikko will go through reporting segments, financials in more detail and the outlook. After Mikko, Scott will join the stage for key takeaways before the Q&A session. With that, over to you, Scott.

Scott Phillips
President & CEO

Greetings, everyone, and a warm welcome to our first earnings report for 2026. I would like to start out sharing 3 developments highlighting our execution of our profitable growth strategy. So during third quarter earnings report, as you'll recall, we