Operator

Good day, and thank you for standing by. Welcome to the Imerys First Quarter 2026 Results Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Alessandro Dazza, CEO. Please go ahead.

Alessandro Dazza
Chief Executive Officer

Thank you, and good evening to all of you. Thank you for joining us today to review Imerys Q1 2026 results. With me here, Pierre Lebreuil, our CFO.

Let me start, as usual, by giving you some highlights of the first quarter '26. I'd say immediately a strong quarter for Imerys with organic growth, improved profitability at constant exchange rate in a market which was certainly challenging. Revenue at EUR 835 million was up 0.7% versus last year at constant FX, driven by volume growth and steady pricing.

To be noted, the significant currency headwinds in Q1, representing approximately EUR 40 million or 5% of sales compared to last year when the dollar was still very strong. Pierre will show you in detail later on this specific effect. Adjusted EBITDA for the period amounted to EUR 118 million, up 4% at constant exchange rates, reflecting solid execution, volume increases and cost control.

Short update on our strategic road map. Project Horizon, very important for this year, one of our priority has been launched across all main relevant countries. Social and legal