We will review the highlights of our performance, business trends, and financial results, as well as the growth drivers that position us for a solid year. It gives me great satisfaction to share with you a start to the year that confirms the strength of our project and the sound strategic direction we have been charting over the past few months.

We'll begin with the key takeaways from this quarter. We closed the period with total revenue of €200.1 million, representing 31% growth compared to the same quarter last year.

I want to highlight a particularly relevant figure, even on a like-for-like basis, that is, excluding the contribution from the group's recent acquisitions, revenue grew by 10%. This demonstrates that our progress is not solely driven by the integration of new companies.

Of course, these acquisitions are key to the group's strategy, but growth is also driven by healthy organic momentum fueled by strong performance in both international direct-to-consumer markets and licensing, which I will detail later in the pharma segment. This is the core of our business.

We have also grown by 31%. We see that ophthalmology is establishing itself as a new growth engine thanks to the addition of SIFI and Idol.

Added to this is the evolution of our main molecules and the strong performance of the rest of the portfolio. At the operational level, this is very important and highly relevant to us in terms of profitability.

EBIT reached €48.2 million. This represents 23% growth.

Here it is worth making a very important clarification. Moving on to R&D in the portfolio, we have achieved some very significant milestones.

Has it received marketing authorization in Italy? This is an addition to the approval obtained in Spain, which increases access for patients suffering from this condition, which can have a potentially fatal outcome for the eye, if it is not already the case.

Our goal is to continue increasing access in the rest of the European countries. Furthermore, as you can see, we have submitted the Mocosoft eye drops dossier in Europe, a product derived from DOL, which highlights the fantastic opportunity we have to transfer dossiers from the ophthalmology portfolio to other areas where we do not currently have presence.

We had no presence there, and this will allow us to expand their coverage and geographic reach. You can also see that we have submitted the dossier for Bilastina in sticks format in Brazil, thereby reinforcing our commitment to innovation and geographic expansion in that market.

As for the financial situation, we are maintaining a leverage ratio within the expected ranges. We maintain an adequate level of liquidity to continue supporting our strategic plan, which is key to the core of the company.

Finally, but very importantly, on the corporate front, we are steadily moving forward with the integration of SIF and optimizing structures to advance to the next step, which would be the generation of synergies. This is what you can see in the restructuring costs for the quarter, which have already been incurred and completed in a timely and proper manner, ensuring the continuity of our core business, a fact reflected in the figures for this first quarter.

The merger of SIFI Iberica in Spain has had an impact on January 1st, and this is another example of our decisive execution. On the next slide, you can see the key figures for that quarter, including revenue.

As I mentioned earlier, the EBITDA you see here is 31%, and 23% when including organizational costs. Otherwise, it would be 30%.

At the same time, net profit is up 9%, right? Here I'll conclude my part by highlighting three clear points.

We are growing in a solid and diversified manner. We are successfully integrating recent acquisitions in a timely and effective manner and maintaining the financial discipline that characterizes this company.

I believe that this quarter, this first quarter, is an excellent starting point for the rest of the year and reinforces our confidence in meeting the goals we have set for ourselves. With that, I'll hand it over to Iker, he can explain all the business lines in more detail.

Thank you, Maria. Good morning, everyone.

Let's review the business performance in the first quarter of 2026. Starting with our main product lines, on page 7, as Maria mentioned, the group's total revenue reached €200.1 million in the first quarter, representing a 31% increase compared to the same period last year.

Bilastina maintains its market leadership with 1% growth. Strong performance in Europe and Asia-Pacific has offset the initial impact of the loss of exclusivity in Japan.

There, the expiration of the molecule's protection is beginning to have an impact. Licensing sales, an effect fully factored into our guidance for 2026, have also seen a standout quarter for calcifediol, with 19% growth and strong momentum in both direct sales and licensing, driven by robust performance in international markets.

Iberia also performed well. Mesalazine grew by 12%, driven primarily by strong performance in Latin America and Portugal.

Ophthalmology, which includes SIFI, and dermatology now account for 14% of the group's total revenue, with €28.5 million in the quarter, consolidating its position as one of the group's strategic pillars for the coming years. By business segment, Iberia contributed €66.5 million, with 13% growth driven by the addition of Laboratorio Idol in Portugal and the stability of the business in Spain and International Pharma.

The non-licensed segment is the most dynamic area, with €68.5 million and 92% growth. Finally, Animal Nutrition and Health contributed €21.9 million and 31% growth, continuing the positive trend in this segment.

We will delve deeper into each business line, starting on page 9, Pharma Iberia. As we have said, the quarter closed with €66.5 million and 13% growth compared to the first quarter of 2025.

In Spain, revenue stood at €49.4 million, virtually flat compared to the previous year. The prescription business remained stable over the quarter as a whole, although it performed very well in March, driven mainly by 7% growth in calcifediol and consumer.

They continue to be the main area of concern, with a 2% decline. However, priority brands are performing well, and March indicates a recovery in the trend in Portugal.

The picture is also positive for pharma. Portugal grew 1% in prescription sales, driven by mesalazine and calcifediol, and healthcare performed well, growing 9% and regaining the trend seen the previous year.

In the international segment, excluding licenses, we reached €68.5 million, representing 92% growth compared to the first quarter of 2025. Latin America grew 23% organically and has established itself as the group's main growth driver in this area.

Most markets recorded very significant growth, with Colombia growing 30% and Mexico 25%, and the rest of the world, excluding SIFI, growth stands at 26%. The momentum stems primarily from the solid performance of exports, and also from Gulf.

Despite the geopolitical context, strategic products, particularly calcifediol and mesalazine, have shown positive performance. For its part, SIFI contributed more than €24 million to the quarter, with a strong start to the year in Italy and the first signs of traction here in Spain following its approval.

Regarding licensing, on page 11, we closed the quarter with €40.2 million and 2% growth. The Bilastina license continues to grow by 1%, reaching €30.5 million, driven by the expansion of the ODT format in Europe and strong performance in Asia-Pacific.

In Japan, the first effects of the sales slowdown are beginning to be felt, a trend that will intensify throughout the year with the launch of generics scheduled for June, in parallel with our own generic version. This impact, as we mentioned, is fully reflected in the annual guidance for the fiscal year.

For other licenses, the quarter stands out for the extraordinary performance of calcifediol, which grew 52% year-over-year and has established itself as the main driver of the business. Growth is positive across all markets, with a particular boost from the most recent launches in France, Greece, and Australia.

Meanwhile, mesalazine recorded a year-over-year decline due to a temporary decoupling between sell-in and sell-out, which is expected to normalize over the course of the year. Finally, FARM, our animal nutrition and health division, closed the first quarter with €21.9 million in revenue and 31% growth compared to the same period of last year.

This result reflects the business's strong performance, with sales growth and efficient cost management maintaining particularly solid performance, and ISF's contribution continues to be one of the main drivers of growth in this area, with a significant contribution to the quarter's growth. In short, the start of the year is positive and sets a good foundation for the rest of the fiscal year.

We now turn to the consolidated income statement for the first quarter of 2026, shown on page 14, with total revenue amounting to €200.1 million and growth of 31%. The gross margin stands at 69%.

Personnel expenses grew by 48%. This was primarily driven by the costs of organizational restructuring related to acquisitions, which amounted to €3.2 million this quarter.

This is a one-time, expected, and limited effect that reflects the execution of the integration strategy for these acquisitions. Other operating expenses grew by 29.5%, in line with the group's new scale.

EBITDA reached €48.2 million, with 23% growth that fully includes the aforementioned restructuring costs. As I mentioned earlier, Maria, excluding this effect, organic growth for this quarter would be over 30%.

Depreciation and amortization also increased, reflecting the rise in activity at Derio and the change in scope. The financial result, for its part, naturally reflects the increased debt associated with the acquisitions, although it remains contained thanks to active liquidity management and a favorable exchange rate effect.

Finally, net profit attributable to the parent company stands at €30.8 million, representing an 8.5% increase compared to the previous year. In light of the first-quarter results, we fully maintain the guidance provided for the 2020 to 2026 period.

We expect revenue growth of between 17% and 19% from the €627 million recorded in 2025. In terms of life insurance, the guidance points to growth of between 28% and 31% from the €118 million of the previous year.

Likewise, we confirm the target of achieving a debt-to-equity ratio of less than 2 times EBITDA, while maintaining adequate liquidity levels for the company at this time and given the current macroeconomic and geopolitical context. Based on the foregoing, the first quarter of 2026, I confirm the successful execution of our strategy, which gives us visibility and confidence in the targets we have communicated.

Thank you very much, Iker. We will now open the floor for questions, which, as you can submit via the platform.

We'll start with a question from Pelagio Gil Bueno. We'll read it out loud because it's very welcome.

Enrique extends his gratitude to the investor relations team for the presentation of the first-quarter results and for the clarity of the strategic message conveyed to the market. His question is: regarding the Derio plant, could you share, with as much precision as you deem appropriate, the current occupancy rate and utilization of the new Derio plant at the end of the first quarter, as well as the approximate percentage of the group's total production that has already been transferred to that facility?

It would be very helpful to understand whether operations are progressing as initially planned.

Certainly. The truth is that we haven't seen any major changes since the end of the previous fiscal year.

What we can confirm is that the entire relocation process from the current plant is proceeding roughly as planned. As of today, the distribution of production between the Lamiako and Derio plants is approximately 55 to 45, with 55% at Lamiako and 45% at Derio.

What we do expect is to end the year with practically 90% of production transferred to Derio by, let's say, January 2027. This buffer is intended to ensure that production is fully transferred and also, to some extent, to try to avoid any, or at least minimize, disruptions to production, which is the main priority.

We will try to complete the main remaining section of the Derio route over the summer months, which is when, upon our return in September, there will definitely be a significant shift in production percentages between the Lamiako and Derio plants.

There's a question regarding animal nutrition in light of this quarter's strong growth. Can we determine how much of this growth comes from volume and how much comes from price?

What growth can we expect from this business line by 2026? Can we expect any impact on the gross margin from this segment?

What is the capacity utilization rate at the ISF plant right now?

That's a lot of questions. I'll see if I can provide some clarity.

The truth is that we're very pleased with the performance in the first quarter from the FARM, FAS division. Animal nutrition and health are doing a great job.

We certainly expected a positive first quarter, since we have to take into account that last year marked the start-up of the plant in the first quarter of 2025, which has allowed us to achieve, let's say, operational synergies that have even helped us improve the margin. We're working very hard on efficiencies and cost containment.

While volumes continue to grow, as we have a vertical integration strategy that is helping us maintain that growth in volumes. Therefore, the outlook for the division for the remainder of the year remains very positive, with significant growth compared to the previous year.

Regarding the production capacity of the ISF plant, we can say that it is currently around 80%.

Thank you very much, Iker. There's another question about the gross margin.

What is the biggest contributor to the increase in gross margin for the quarter?

The truth is that the gross margin is performing well. Yes, if you look at it, it's performing very much in line with what we had last year, and we're barely growing.

One point regarding fiscal year 2025 and the main contributors to it. They are the same as they were in the previous fiscal year, starting with the licensing segment, naturally followed by the prescription business in Spain, and then the business in Latin America.

Regarding restructuring expenses, can we get some details? Question from Juan Ross of Oddo.

What are the expected costs for the rest of the year?

The reality is that our understanding is that there should be no further restructuring costs for the remainder of the fiscal year. Furthermore, we must say that, while we are very, very satisfied with how these restructurings have been executed, on time and fully in line with the group's forecasts, which will allow us to capture the synergies we were expecting from these efficiencies.

We must also note that, thanks to the team's strong commitment and an increasingly seamless and synergistic integration within the FAS Group, we are truly very satisfied in this regard.

There's another question as well from Juan Ross. ODT Bilastina held up well in the first quarter, especially in licensing, despite the downer in Japan.

Are you surprised by this resilience? Or do you expect a return to normalcy for the rest of the year?

The truth is that the first quarter brings positive news. Our licensing team is a very experienced team that is highly capable of identifying and leveraging synergies to achieve additional results in other regions.

The reality is that we are indeed expecting growth, particularly starting in the second quarter and throughout the 2026 fiscal year. A more significant impact is expected, primarily due to the loss of exclusivity in Japan and, as we've mentioned, the entry of generics in June of this fiscal year, as well as the launch of our own generic.

This impact will certainly be felt. What we do believe is that we will have a good capacity to absorb this one-time impact through the rest of the businesses within our own licensing portfolio.

There's another question from Juan from Oddo. In addition to Spain and Italy, which countries do you expect to receive reimbursement from TI in the short term?

I think we need to highlight, after receiving reimbursement in Spain, the strong traction we're seeing there, which naturally makes us very happy since it's our home market, and helps us feel very positive about the drug's potential in Europe. This is also very positive news.

As for the reimbursement achieved in Italy, we're expecting the commercial launch as early as May, and we're continuing to work on the rest of the markets. Our visibility right now isn't complete.

It's true that we'll soon have news from Germany, and perhaps looking toward the second half of the fiscal year, we may be looking at the UK market. For now, we are very satisfied.

What we have at hand is the reality in Spain. The situation in Spain is very positive, with patient numbers and pack usage exceeding our forecasts, which, as I said, makes us very optimistic about the drug's development in the markets in Europe, in the markets where we will be present.

Thank you very much. Another question from Juan Ross.

Regarding healthcare and its current performance, is this a portfolio issue or a market issue?

I think it's clear that the healthcare segment, structurally speaking, is under some pressure. It's also true that the team is making an effort with go-to-market strategies and differentiating between priority and non-priority brands, which needs to start gaining traction.

We've had a slightly slower start to the year than expected, but that is indeed the case. I think we mentioned this throughout the presentation.

March has been a much more positive month, and therefore we expect a recovery in the trend in this segment as well, within Farma España.

There's a question about sustainable growth. Once the DO scope in Portugal is exhausted, what sustainable growth can we expect?

For Portugal?

Yes. Portugal, very similar to Italy, with the difference that there we already had a significant presence with FAES Farma.

Portugal, and we are in the midst of realizing all the synergies we expect from the integration of a laboratory. If we consider that the growth we've seen this quarter is sustainable for the rest of the fiscal year, and once we've reached our sales targets and all the synergies from integration have, let's say, come to fruition, it will very likely have positive impacts on the business's margins as well, in Portugal.

There's a question about whether you could provide some visibility into the status of the pipeline. Have you already started any phase?

Regarding one of the new molecules, when might we hear news about clinical trials?

The R&D part is, let's say it's a bit premature. The reality is that we're still at a stage where, as we've mentioned on other occasions, we're aligning the scientific committees with the capital allocation committees.

Also we have, logically, a completely new project within the group, such as the integration of the entire EH and ophthalmology division, which will bring us many opportunities, and as we make new progress, we will share it. Certainly a large part of our efforts today are focused, and naturally on the development leading up to its launch in the United States in the coming years.

Just to wrap up, I'd like to add to what Iker mentioned regarding the R&D strategy in EH. Right now, the new governance structure for the entire department, the key is to work toward a diverse and dynamic approach with projects that, as we mentioned in the plan, ranging from early discovery to an advanced development phase.

Here the company's capacity for both incremental and transformational R&D is very important. Regarding the transformational aspect, which involves new molecular entities, these are the ones with the highest long-term risk and high reward.

Our current approach is based on selecting clinically validated targets in indications with high unmet medical need, while ensuring we operate in a competitive and balanced environment. We are currently in the process of selecting candidates.

As you can understand, for confidentiality reasons, we cannot disclose the projects, but as soon as we have progress to report, we will do so. This is very important.

Also, regarding what you mentioned about the ongoing integration of teams, there are teams, for example, in business development and scouting to identify innovators. We have a pipeline at various stages of development, ranging from early-stage to advanced clinical trials.

All of this, I believe, gives us a robust, resilient pipeline that has the capacity to generate value from the short term to the long term. Let's take another minute if there are any questions.

There are no further questions. We'll leave it at that, and thank you for your interest in the company.

As always, we're here to help if you have any further questions later on. Thank you, Iker.

Thank you. See you later.