Operator

Welcome to the Beijer Ref Q1 presentation for 2026. [Operator Instructions] Now I will hand the conference over to the CEO, Christopher Norbye; and CFO, Joel Davidsson. Please go ahead.

Christopher Norbye
CEO & President

Good morning, and welcome, and thanks for calling in. Christopher over here together with Joel. So we'll go over some slides and explain a little bit how we look at the first quarter of the year. And then, of course, we'll have some Q&A to wrap it up. So maybe we'll get started right away.

So if you summarize this quarter, I would say stable is a very good word. As you all know, Q4 and Q1 for us are a somewhat smaller quarter as we're just now starting ramping up for the summer season in most of our key countries around Europe and the U.S.

But in general, we had a stable development in most of our markets across the world. Our organic growth for the quarter was flat. We had some effects of weather, if you remember, in the U.S. closing down branches 3, 4 days in January. We had some extreme comps in some acquired companies, et cetera. So underlying positive growth in Q1.

Acquisition added 3%. We had a fairly steep headwind on the currency in Q1 that hopefully will improve here as we roll over to Q2. On the margins, good development across all regions, margins up in