Pekka Rouhiainen
Vice President of Investor Relations

Good morning, everyone, and welcome to Valmet's Q1 results webcast. Before we start, a short practical note, today's webcast is audio only due to a flu in the team. Thanks for your understanding. I'm Pekka Rouhiainen from Investor Relations, and with me today are Valmet's President and CEO, Thomas Hinnerskov; as well as CFO, Katri Hokkanen.

Today, Thomas will start with an overview of Valmet from the customer and investor viewpoint and go through the first quarter performance. Katri will then discuss the financials in more detail. After that, Thomas will return to cover the guidance and short-term market outlook before we open the lines for the questions. And as usual, you can submit written questions through the webcast platform at any time.

But with that, let's get started. Thomas, the floor is yours.

Thomas Hinnerskov
CEO & President

Thank you, Pekka, and good morning, everyone, from me as well. The headline message for this first quarter is that we continue to execute our strategy in an overall demanding market environment, while sales mix had a clear impact on our profitability. Customer decision-making remained cautious and the geopolitical situation decreased visibility. Against that backdrop, our Process Performance business continued to deliver strong margins, while Biomaterials business was impacted by project phasing and the mix. Importantly, the benefits from the early and decisive operating model actions we took last year are clearly and continue to be clearly visible, supporting earnings quality also in a softer market.