Mersen Unsp/Adr

in two parts. First, a presentation by the Mersenne Management Team, represented by Luc Temelin, Group CEO, Salvador Llamas, Group CEO, and Thomas Baumgartner, Group CFO. After all, there will be a Q&A session during which you may have questions in or by clicking the green hand button on the player to ask your question orally. I will now end the call to Luc Temelin to begin today's call. Please go ahead.

Thank you. I am happy to introduce this presentation for the last time. As you know, I will hand over to Salvador in less than one month. But about the quarter one, we have a positive set of results to share. It actually marks a return to quarterly organic growth with a plus 3.1% All in all reported Q1 2026 sales of 296 million euros with two main highlights Reverse to growth in the electrical power segment with organic growth of just 8.7%. Electrical power is increasingly acting as a key growth engine for the group, supported by strong structural demand around electrification, grid efficiency and data centers. Positive momentum in North America with 8.2% organic growth for the period. As far as exchange rates are concerned, we have a negative impact of 17 million euros, mainly linked to the depreciation of the US dollar and the R&D. I remind you that this does not impact our competitiveness, it is purely a commercial effect. I will now turn over to Salvador and Thomas for more details.

Thank you Luc and hello everyone. So the organic growth to that 3.1% for the quarter including around 2% of price increases. If we look at our performance by geography, here are the key highlights. and being with North America, the largest area in terms of revenue with 42% of the total. So North America reported strong growth of 8.2%. This is a very solid performance driven especially by growth for data centers and growth in aeronautics. Europe reported a slight decrease. This reflects two things. Low deliveries in chemicals compared with a very strong quarter in 2025 and on the other hand, growth in other markets which underlines the resilience of our business in the region. Excluding chemicals, organic growth would have been close to plus 3%. Eventually, Asia is back to positive organic growth at 1.9%. This reflects growth in India and South Korea driven especially by rail markets and energy storage solutions. On the other hand, China reported a decrease heavily impacted by the solar market and weak deliveries in chemicals. If we look now at our performance by segment, what we see first is strong growth in electrical power driven by projects in great quality and driven as well by a solid sales momentum for data centers. and on the other hand a slight decrease in advanced materials we saw a lower level of activity in solar and chemicals which was largely offset by growth in the rail markets, in aeronautics and semiconductors, both SIC and SI. So overall, this segment reflects a mixed trend with short-term headwinds in a few markets, but solid momentum in structural growing areas. So now I will turn now to Salvador.