Operator

Welcome to Dometic Q1 Report 2026. Today, I am pleased to present CEO, Juan Vargues, CFO, Stefan Fristedt, and Head of Investor Relations, Tobias Norrby. [Operator Instructions].

Now I will hand the conference over to the speakers. Please go ahead.

Juan Vargues
President & CEO

Hello. Good morning, everybody, to this Q1 report. Welcome to a sunny Stockholm, by the way. Wonderful that springtime is back and we have the light back.

So moving over to the highlights. We see an increased uncertainty following both the tariff situation and the geopolitical tensions in the Middle East. We see already now oil prices being very, very high. We see as well inflationary movements in terms of freight costs, in terms of raw material cost that will, down the road, have some kind of impact on consumer confidence. We continue to see retailers, dealers being very, very careful in building up inventories and ordering what they need. At the same time, we see also differences across regions. And most probably the region where we see confidence index being the lowest is in the American region.

Looking at performance, we are very happy to communicate that finally, after many quarters of negative growth, we are standing at the same level as last year. We are very pleased seeing the Service & Aftermarket coming back and showing a solid growth of 5%. Positive to comment that is everywhere. So we see the 3 regional businesses within Land