Operator

Good evening, and welcome to the Safilo Group First Quarter 2026 Trading Update Conference Call. This call may contain forward-looking statements relating to future events and operating, economic and financial results for the Safilo Group. Such forecasts, due to their nature, imply a component of risk and uncertainty due to the fact that they depend on the occurrence of certain future events and developments. The actual results may, therefore, vary even significantly to those announced in relation to a multitude of factors.

Today's participants are Angelo Trocchia, Chief Executive Officer; Michele Melotti, Chief Financial Officer; Barbara Ferrante, Director of Investor Relations.

I will now pass the call over to Mr. Angelo Trocchia, Chief Executive Officer. Mr. Trocchia, you may begin.

Angelo Trocchia
CEO & Director

Thanks very much. Good evening. Good evening, everyone, and thank you for joining us for the Safilo's Q1 2026 Trading Update.

The first quarter of 2026 marked a solid start of the year, once again outlining the resilience of our business model, which rests on 2 pillars and strong and relevant brand portfolio and the consistent commercial execution across markets and channel. Importantly, Q1 delivered another meaningful step forward on margins and cash generation. This is the outcome of the structural work we have been carrying out over the past few years across operations, sourcing and cost discipline. As we move