Operator

Good afternoon, ladies and gentlemen, and welcome to the Springer Nature analyst conference call Q1 2026. [Operator Instructions] Let me now turn the floor over to your host, Tom Waldron.

Tom Waldron
Head of Investor Relations

Thank you, Anna. Good afternoon, everyone. Welcome to Springer Nature's Q1 2026 trading update call. I'm Tom Waldron, Head of Investor Relations. Today's presentation will have the following structure. Frank will start with a business update, followed by Alexandra with a review of our Q1 2026 financials before we move on to Q&A.

Before handing over, let me briefly remind you that revenues and adjusted operating profit, we present both reported figures based on actual currency rates and portfolio composition and underlying growth rates, which exclude currency and portfolio effects to ensure a like-for-like comparison. Our financial guidance for 2026 is based on constant currencies and the expected underlying performance of the business, excluding portfolio changes. With that, I will now hand over to Frank.

Franciscus Peeters
CEO & Chairman of the Management Board

Thank you, Tom. And again, a warm welcome from my side. Let's start with a brief overview of our first quarter results. We delivered strong results with revenue growing by 6% in underlying terms and AOP increasing by 9%. Our Research segment continues to be the main growth