Bang & Olufsen a/s

At this time, I would like to welcome everyone to this Bang & Olufsen presentation for Q1 2026-27. Today's call is being recorded. If you have any objections, please disconnect at this time. All participants will be on listening mode throughout the presentation, and afterwards, there will be a question and answer session. I'd now like to hand it over to Head of Investor Relations, Kristina Høinde-Hefting. Kristina, over to you.

Kristina Høinde- Thank you. Hello, everyone, and thank you for joining today's webcast, which is a week earlier than planned. With me today is our CEO, Gianfilippo Testa, who joined in August 26, and our CFO and COO, Nicolai Bellembo. They will take you through the Q1 performance. Please pay attention to the disclaimer on slide two and move to slide three. I will now hand over to Gianfilippo.

Thank you, Kristina. Hello, everyone. I am Gianfilippo Testa. It is good to meet you here at this conference call in connection with the trading statement for the first quarter of the 26-27 financial year. I have now been with Ben Olufsen for almost a couple of months and I am thrilled to be here. Bengen Olufsen is a distinctive brand with a century-long heritage, a strong culture of innovation, and a unique position at the intersection of technology, design, and craftsmanship. It is an honor to be now working closely with the board of directors, the leadership team, employees, partners, and clients around the world to build on this deep strength and unlock Bengen Olufsen's full potential. We have established our new executive leadership team with Nicolai and with Jesper Hessel who will join soon as chief commercial officer and deputy CEO to contribute unfolding Regen Olufsen full potential. Let's please move to the next slide. The Q1 results show that the strategy is moving the business in the right direction. We are indeed seeing progress in the branded channels and our wind cities are delivering a double digit sell-out growth, leading to an overall improved gross margin. However, certain areas of the business still require more attention and consistent execution. The store footprint has been improved significantly over the past couple of years. But there is still more to do to improve our productivity across all channels. We need to look at our client experience across all brand touchpoints to ensure a consistent approach with the right tone of voice to drive demand and conversion. Since January 26, the business has evolved the commercial operating model and we have significantly improved the coordination of marketing planning and investments, retail execution and product launches. Our operating model is now better equipped to support our targeted market positioning and we will improve it even further going forward. We will elaborate on our plans in connection with the H1 report in January 27. Let's please move to the next slide. Let me take you through the business highlights of the quarter before I hand over to Nicolai to cover the Q1 performance in more detail. During the quarter we opened stores in key locations and I want to highlight two here. In June we opened our largest store in Asia Pacific at Scott Square in Singapore. This was a relocation and the first with our cultural store concept in Southeast Asia. The store has been off to a good start. And in August we opened our third store of 260s per meter in Palo Alto in California and this completed the three planned California openings alongside our San Francisco and the West Hollywood flagship stores. On the product side, we launched our Biosystem 3000C Dune Gray Edition, launched under the Re-Created Classics program. Finally, we announced our new brand ambassador in July. John Legend, the American multi-platinum musician, producer and Emmy, Grammy, Oscar and Tony-winning artist was appointed Global Brand Ambassador. We are very excited about this partnership and looking forward to the collaboration in the coming years. With that, I will hand over to Nicolai.