Operator

Welcome to the Pandox Q1 presentation for 2026. [Operator Instructions]

Now, I will hand the conference over to Head of IR and Communications, Anders Berg. Please go ahead.

Anders Berg
Senior VP & Head of Communications and IR

Good morning, everyone, and welcome to this presentation of Pandox Q1 interim report for 2026. I'm here together with Liia Nou, our CEO; and Anneli Lindblom, our CFO. And today, we also have the pleasure of having both, Aoife Roche, Vice President at STR; and Henrik Karlsson from Benchmarking Alliance with us.

Aoife and Henrik will provide a hotel market update on Europe and Nordics, respectively. And we think that this will be a particular interest considering the current geopolitical situation in the Middle East and elsewhere for that matter.

And as you all know by now, STR benchmarking lines are both leading independent research firms dedicated to hotel market and the views they express are completely separate from Pandox. And we offer this presentation as a service to Pandox stakeholders. And Aoife's and Henrik's presentation will be held after we have completed our formal earnings presentation, including the Q&A.

So with that, we start with Anneli's and Liia's business update and the financial highlights followed by the Q&A session. So with that, I hand over to Liia.

Liia Nou
Chief Executive Officer

Thank you, Anders, and good morning, and welcome, everyone. The seasonally small first quarter marked a promising start to the