Recordati Industria Chimica e Farmaceutica S.p.A.

Corusco Conference Operator. Welcome and thank you for joining the Recordati First Quarter 2026 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Eugenia Litz, Investor Relations of Recordette.

...PFO, who together will present results for the first quarter of 2026. Scott Pescatore, Executive Vice President of Rare Diseases, will then... provide an update on Isteriza, and Milan Draskovic, Executive Vice President of R&D, will provide an update on our pipeline programs. Also joining for the Q&A session will be Alberto Martinez, Executive Vice President of Specialty and Primary Care. As always, the presentation is available in the Investor section.

Good evening. Thank you all for joining us today. We're off to a really good start to the year, as reflected in our Q1 results, delivering excellent financial performance and solid progress across the business. We remain very well positioned to achieve our full year objectives. Starting with net revenue, we reached €730 million, up 4.9% versus last year, or 8.7% on a like-for-like, at constant exchange rate basis. Growth was primarily driven by the exceptional performance of our rare disease business, and the resilient in-market growth of SPC. FX had an adverse impact of 4.3%, largely due to the US dollar. Turning to profitability, EBITDA was $284 million, up 5%, with a sector-leading margin of 39.7%, supported by strong operating performance, a favorable business mix, and disciplined cost management. Adjusted net income increased by 7.2%, to $188 million, while reported net income grew 22.4%, highlighting the strength of our underlying business. We generated 92 million of free cash flow in a quarter, and ended with a leverage just below two times, providing solid financial flexibility. We're also very encouraged by continued progress in our R&D pipeline, The phase two trial of plasireotide in post-bariatric hypoglycemia met its primary endpoint, supporting a meaningful additional opportunity, and we are advancing sutumilab into phase three in IVP. On the commercial side, we're excited about the continued momentum in rare disease, particularly with strength from Isterisa and NGMO. And with that, I now hand over to Mike, to walk you through our Q126 financial results in more detail. Thank you, Rob.