Catrien van Buttingha Wichers
Director of Investor Relations

Good morning, all. Thank you for dialing to this webcast -- audio webcast. Catrien van Buttingha is my name, Investor Relations. I'm here with Mark Heine, CEO; and Barbara Geelen, CFO. We have a short presentation to give to you about the Q1 trading update, which will last, I don't know, I think, around 10, 15 minutes in total max, and then we'll open the floor for your questions. Mark, please go ahead.

Mark Heine
Chairman of Management Board & CEO

Yes. Thank you, Catrien. Good morning, everyone. Q1 2026 trading update. As anticipated, Q1 was seasonally low and the market conditions remain challenging with a lower offshore wind activity impacting our top line.

Revenue declined by 2.1% on a currency comparable basis. We saw growth in other markets, especially oil and gas and infrastructure, largely offset by offshore wind softness.

The EBITDA margin slightly improved to 10.4%. EBIT margin was in line with last year, driven by lower revenue, largely offset by cost reductions. The EUR 120 million cost reduction program is completed, but we're also prepared to take further action if required.

Free cash flow improved due to significantly lower capital expenditure. However, working capital increased because of large ongoing contracts, high activity of billing, especially at the end of the quarter and very high payables