Seb Sa Unsp/Adr

Welcome to the Group SEB 2026 First Quarter Sales Presentation. Today's conference will be hosted by Stanislas DeGraw-Mong, Chief Executive Officer, and Olivier Casanova, Senior Executive Vice President and Chief Financial Officer. For the first part of the conference call, the participants will be on listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead.

Good afternoon. Thank you for attending this call. I'm Stanislas de Gaumont. I will be managing this presentation together with Olivier Casanova, our CFO. We will start with a short presentation, I think, and then we'll carry on with answering all the questions you may have. Olivier, do you want to get started?

Okay. Thank you, Stanislas. So moving on to the key figures for the quarter. Our sales stood at 1,885,000,000, up 2.7% on a like-for-like basis. Offer stood at 72 million euros, up 42%, and operating margin was up 1.2 percentage point at 3.8%. So, moving on to the highlights on the next page, as I said, 2.7% organic growth. Of course, we have been operating in Q1 in an environment with a lot of uncertainty on the macroeconomic and geopolitical front. And, of course, it has deteriorated in the latter part of the quarter. We'll come back to that, no doubt, in the Q&A. In this environment, however, we have delivered balanced growth between activities and region, driven in large part by our innovation portfolio. OFA has increased year on year, of course, supported by a favorable base effect because the Q1 OFA of last year was low by historic standards, but also supported by organic sales growth and a decrease in operating expense. And finally, we have launched the rollout of our rebound plan, and it is progressing in line with the announced schedule. So moving on to the top line, so as I said, 2.7% organic growth. We have a currency effect of minus 3.8% and no change in scope because La Brigade de Buyer, which was acquired at the beginning of 2025, was consolidated for a full quarter. So let's describe briefly the currency effect. Of course, we have a negative impact from the depreciation of the CNY in the U.S. dollar. We all remember that they were actually quite firm in the first quarter of last year. And the CNY has depreciated year on year 6% and the U.S. dollar 11%. Secondly, we have also suffered from the depreciation of the Turkish lira and the Japanese yen. We can expect, in particular for the U.S. dollar and the CNY, of course, a lower impact later in the year given the depreciation that we experienced in 2025. Now let's look at the split of our turnover by business units. So our professional business unit had 231 million sales in Q1, up 1.1% on the like-for-like basis, and consumer sales stood at 1,654,000,000, up 2.9% on the like-for-like basis. So overall, as we said, a balanced organic growth, 1.1%, as I mentioned, of professional. And you can see that on the consumer side, it's also quite balanced by region with 2.5% growth in EMEA, 2.2% growth in Asia, and a hefty 6.7% growth in the Americas. So now I turn over to you, Stanislas, to cover these results in detail.