Magnus Ahlqvist
President & CEO

Good morning, everyone, and a warm welcome to our Q1 2026 report. Before we begin, I would like to welcome Matteo, who joined the group as CFO on April 1. And Matteo has an impressive track record from a number of leadership roles in finance, but also leading significant businesses. And for many years, you spent time with Atlas Copco and more recently with Assa Abloy. So a great addition to the team and a warm welcome, Matteo.

With that, let's go to the performance highlights of the quarter. And on a high level, we delivered good operating margin improvement, earnings growth and cash flow in Q1, but the top line growth was below my expectations. The adjusted operating margin improved to 7%, and this was supported by all business segments. And this is testament to focused execution, and we have now improved the operating margin 21 quarters in a row.

The adjusted growth in the quarter was 2% for the group. And the growth in North America was flat year-on-year, and this was primarily the result of significantly lower installation sales in the Technology business. But importantly, commercial activity in Technology in North America remained healthy with strong growth in installation order intake and backlog.

Looking at the earnings growth. The margin development