Operator

Hello, everyone, and welcome to this Mondi Q1 event. [Operator Instructions] I'm now going to hand you over to Andrew King, CEO. Andrew, please unmute and go ahead.

Andrew King
Group CEO & Executive Director

Good morning, everyone, and thank you for joining our call today. I'm Andrew King, Group CEO. And with me is Mike Powell, our CFO. I'll apologize in advance for the slightly croaky voice as it seems like both Mike and I have managed to pick up a change of season sniffles, but I'm sure we can be heard.

I'm sure you've all seen the announcement today. So I'm just going to pick up a few points before we go to questions. Market conditions in the first quarter of 2026 did remain challenging with underlying EBITDA for the quarter of EUR 212 million, broadly in line with the fourth quarter of 2025. On a sequential basis, sales volumes increased across our range of paper grades. There was also no planned maintenance shuts in the quarter. These volume increases were offset by lower average selling prices and towards the end of the quarter, higher energy-related input costs.

With our converting operations, Corrugated Solutions and Paper Bags experienced some margin pressure, while Consumer Flexibles delivered a broadly stable performance, supported by resilient end