Operator

Ladies and gentlemen, welcome to the Ströer Q1 Figures 2026 Conference Call. I am Sandra, the Chorus Call operator. [Operator Instructions] The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it is my pleasure to hand over to Udo Muller, CEO. Please go ahead, sir.

Udo Müller
Founder, Chairman of Management Board & Co-CEO

Yes. Thank you, Sandra. Dear investors, dear analysts, welcome to today's Q1 2026 earnings call. Let us dive straight into the numbers and details. On the top line, revenues in Q1 amounted to EUR 495.6 million, representing an organic growth of 1.1% compared to EUR 475.5 million in Q1 2025. On a reported basis, revenue grew by 4%.

Moving down the P&L. Adjusted EBITDA reached EUR 119.3 million compared to EUR 117.4 million last year. This represents a stable year-on-year development with EBITDA adjusted remaining essentially flat at the higher margin level. On adjusted EBIT, we reported EUR 41.7 million, up from EUR 39.7 million in Q1 2025. This corresponds to a 5% increase, highlighting that operating efficiency improvements continue to support earnings despite moderate top line momentum. Adjusted net income amounted to EUR 17.6 million compared to EUR 16.2 million in the prior year period. This translates into a 9% year-on-year increase.

Turning to cash flow. Free cash flow