Thank you, Carmen, and thank you, ladies and gentlemen, for joining us today for our first-quarter update. I'm pleased to report that Novem delivered a solid performance in the first quarter, despite ongoing uncertainties across the global automotive industry.

During the quarter, we generated a total revenue of 132.6 million, representing an increase of 2.8% compared to the same period last year. This growth was driven by a favorable development in our [tooling?]

business, while our series production business remained largely stable. The market environment continues to be shaped by persistent geopolitical challenges, changing customer demands, and regional differences across the automotive sector.

Against this backdrop, our performance demonstrates the resilience of our business model. Our profitability improved further during the quarter.

We achieved an adjusted EBIT of 8.8 million, resulting in an adjusted EBIT margin of 6.6%. This improvement was supported by higher revenues and, equally important, by our continued focus on cost discipline across the entire organization.

Over the past quarters, we have focused on increasing efficiency and strengthening operational excellence, and these efforts continue to contribute positively to our results. Beyond the financial performance, we also made important strategic progress in expanding and diversifying our customer portfolio.

A significant milestone was the successful nomination for a platform with Scout Motors, further broadening our customer base and strengthening our position in the growing market for premium and innovative auto-mobility solutions. In addition, we secured further business with key customers, including Mercedes-Benz, General Motors, and BMW.

These contracts further strengthen our business outlook and underpin a robust order book for the coming years, while recognizing that the project volumes are based on customer planning assumptions and may evolve with the market conditions. Innovation remains a central pillar of our strategy.

During the reporting period, we continued to expand our expertise in high-quality surface-finishing technologies. A notable step in this journey was our investment in a DI-LUX technology, which enhances our capabilities in precision finishing and supports our ambition to remain the leader premium interior trim partner for the automotive industry.

As we look ahead, market conditions remain dynamic and challenging. However, the combination of a strong order book, expanding customer relationship, disciplined operational management, and continuous innovation gives us reason to be cautiously optimistic.

I would like to go ahead with the financial highlights for the Q1. As mentioned, our revenue increased by 2.8% and resulting in 132.6 million.

Adjusted EBIT was also increasing, largely increasing by 14.1% and ended up with 8.8 million. The margin came up from 6.0% last year's quarter one to this year's 6.6%.

Also, our free cash flow is well above last year's with 4.8 million. Our net leverage was on a lower level with 1.8 1.8 multiples than last year's 2.0.

That's the overview from my side, and saying that, I would like to hand over to Benjamin to give you more financial details.

Thank you very much, Markus. Also from my side, good afternoon, good morning, everyone, and thanks for joining our earnings call for the first quarter of the financial year 2026/27.

As already heard, I will walk you through our financial and operational performance. Let me start with the quarter one revenue with our revenue performance.

As already heard, the group revenue for the quarter reached 132.6 million, representing 2.8% year-over-year growth compared with the 128.9 million in the prior-year period. This performance was achieved despite the well-known challenging market environment, with publicly available data indicating a 0.2% year-over-year decline in the global LVP market during the quarter.

Novem outperformed the market, highlighting the strength of our customer relationships, product portfolio, and execution capabilities. Looking at foreign exchange impacts, the revenue growth would have been slightly stronger on a constant currency basis.

Adjusting for exchange rate movements, revenue would have been approximately 0.3 million higher, equivalent to an additional 0.2 percentage point of growth. Breaking down the revenue by business segment, our series business generated 116.4 million, broadly in line with the prior-year level of 116.8 million.

The series segment continued to demonstrate a kind of stability across our regions and accounted for approximately 88% of the total group revenue during the quarter. As expected, the key growth driver was our tooling business, which delivered revenue of 16.2 million, up from 12.2 million in the prior-year quarter.

This represents a strong increase of 33.3% year-over-year, primarily driven by the successful completion and milestone recognition of several customer programs during this period. Turning to the last twelve months, the group revenue reached 514.6 million, an increase as of the 3.6 million as already heard or 0.7% compared with the previous quarter's rolling twelve months figure.

In summary, the first quarter delivered a so to say solid start to the financial year. We achieved revenue growth above market levels, maintained stability in our core series business, and benefited from a strong tooling execution.

With that, I will now move on to the profitability and to our performance here. In the first quarter of the financial year 2026/27, adjusted EBIT increased to 8.8 million compared with 7.7 million in the prior-year quarter.

This represents an improvement of 1.1 million or 14.1% year-over-year and resulted in that adjusted EBIT margin of 6.6%, up from 6.0% a year ago. This improvement reflects the successful execution of our operational and cost management initiatives despite the aforementioned challenges in our market.

Starting with the underlying business performance, our series business remained stable, as already heard, and provided a solid earnings foundation. Also, market demand remains subdued, particularly in certain vehicle segments.

Our operational discipline and customer mix helped maintain profitability. In addition, the tooling business delivered a strong contribution to earnings, particularly in Europe and the Americas.

Beyond these business mix effects, the profitability also benefited from lower other operating expenses compared with the prior year. Our teams across the organization continue to focus on strict cost control efficiency measures, allowing us to offset the inflationary pressures and volume-related headwinds.

As previously communicated, we have maintained a strong emphasis on cost efficiency, and these include measures such as the already known short-time work agreement in Germany, which helped align our cost base with the current market conditions while preserving a kind of flexibility. Looking at the last twelve months, adjusted EBIT reached 32.9 million, an increase of that 1.1 million compared with the previous quarter's rolling twelve months figure.

Again, here, in summary, overall, we view the start to the financial year positively, delivering double-digit EBIT growth in a market that remains broadly flat, highlights our resilience in our business model. Let me now turn to cash flow generation, which was another positive highlight of the quarter.

For the first quarter, the free cash flow amounted to 4.8 million compared with 1.3 million in the prior-year period. This represents an improvement of 3.5 million, meaning a free cash flow increase by more than 100% year-over-year.

The improvement was primarily driven by stronger operating cash flow performance. The cash flow from operating activities totaled 5.9 million, which was 3.6 million higher than the prior year.

Looking at the key movements within the working capital and operating cash flow, we benefited from an increase in trade payables movement of 22.5 million, lower trade receivables movement of 6.1 million, and an increase in provisions of 5.1 million. In addition to that, other items contributed positively by approximately 2.2 million.

These favorable developments were partly offset by several expected headwinds. These included lower profit for the period of 14 million, a reduction in other liabilities of 10.2 million, as well as higher tax payment movements of 1.8 million during the quarter.

Turning to investing activities, cash outflow remained well controlled. The investing cash flow was 1 million, broadly in line with the prior-year level of 0.9 million.

This again reflects our disciplined approach to capital allocation while continuing to support customer programs as well as operational requirements. Looking here also at the broader picture, our last twelve months free cash flow reached 51.7 million, increasing by the 3.5 million or 7.3% compared with the previous quarter's rolling twelve months figure.

Let me now discuss our capital expenditure and investment activities during the quarter. Capital expenditure amounted to 1.7 million compared to 1.8 million in the prior-year quarter, and so this represents a modest decrease of 0.1 million or 4.6% year-over-year.

From a regional perspective, the largest investments during the quarter were made in our facilities and sites, Pilsen and Querétaro, accounting for approximately 0.6 million and 0.5 million, respectively. These investments were primarily directed towards equipment and infrastructure required to support the upcoming customer programs.

Importantly, the majority of our capital spending remains growth-orientated rather than maintenance-related. Our investments are closely linked to the ramp-up of new projects and product launches, ensuring that we have the necessary capacity and capabilities in place to meet the demand.

Overall, our investment spending remains well controlled and fully aligned with the business requirements, and we continue to balance support for future growth programs with our commitment to a strong cash generation and balance sheet strength. With that, I will now move on to the working capital development and the balance sheet efficiency.

As of 30 June 2026, total working capital amounted to 139.6 million compared with 136.9 million at the end of the prior-year period. This represents an increase of 2.7 million or 2.0% year-over-year.

Looking at the individual components, the year-on-year increase was primarily driven by lower trade payables of 4.7 million, higher trade receivables of 3 million, and higher contract assets of 1.9 million. These factors were partially offset by a favorable development in the tooling net position of 5.5 million as well as lower inventory levels of 1.4 million.

Let me elaborate briefly on tooling net. The improvement was largely attributable to lower balances in unfinished tools, tooling receivables, tooling-related trade payables, and customer advance payments.

These effects were partially offset by an increase in tooling provisions. Overall, the development reflects the continued progress in the execution and completion of tooling programs, which we already saw also in the tooling revenue at the end of the day.

Focusing on trade working capital, the figure increased from 43.9 million a year ago to 50.2 million at the end of this first quarter. This development was mainly driven by receivables and payables movement during the respective period.

Looking at our operational efficiency metrics, the DSO increased to 38 days from 34 days in the prior year, while DPO decreased to 44 days from 51 days. Those developments had an unfavorable effect on trade working capital.

On the other hand, DIO improved to 39 days from 40 days, reflecting the continued inventory discipline and inventory management across our operations. Overall here, while working capital increased modestly year-over-year, we continue to actively manage all key balance sheet components.

Inventory performance remains strong, tooling balances developed favorable, and we remain fully focused on receivables collection and optimizing the payment terms. Let me now conclude the financial review with an update on our capital structure.

As of June 2026, our balance sheet remains solid, supported by a strong cash generation and the successful refinancing activities completed within April. Starting with debt, gross financial debt stood at 192.6 million, a significant reduction of 101.3 million compared to 293.9 million at the same reporting date last year.

This reduction reflects the extension of our former 250 million term loan and the partial repayment of 90 million, which has materially strengthened the capital structure. Included within gross financial debt are lease liabilities in the amount of 35.5 million, down from 43.5 million in the prior year and reflecting the ongoing amortization of lease obligations.

Turning to liquidity, we ended the quarter with cash and cash equivalents of 82.2 million compared with 143.2 million a year ago. In addition, we continued to utilize non-recourse factoring of 36.2 million, broadly stable compared with 37.9 million in the prior year.

Together, these sources provide significant liquidity and financial flexibility to support the business. As a result, the net financial debt declined to 110.4 million, down from 150.7 million in the prior year.

The reduction of more than 40 million year-over-year demonstrates the strength of our cash generation capabilities and the impact of the extended financing transaction. Looking at leverage, our last twelve months net leverage ratio improved to 1.8 times adjusted EBITDA compared with 2.0 times a year ago.

Importantly, leverage has remained stable at 1.8 times over the last three quarters, highlighting the consistency of our earnings performance and balance sheet management. Overall, we are, to say, pleased with our financial position.

At the end of the quarter, we have significantly reduced gross debt, lowered net debt or net indebtedness, improved leverage metrics, and maintained liquidity. Combined with improving profitability and healthy cash flow generation, we believe Novem remains well positioned to navigate the current market environment.

Let me now provide some additional color on our regional revenue performance. From a geographic perspective, growth was driven primarily by Europe and the Americas, while Asia recorded a modest decline.

Starting with Europe, revenue increased from 55.2 million to 60 million, representing growth of 4.9 million year-over-year or approximately 9%. This strong performance was mainly supported by higher tooling revenues resulting from several project closures and milestone achievements.

Moving to Americas, the revenue remained broadly stable at 61.6 million compared with 61.4 million in the prior year. While the region faced the same market headwinds seen across the industry, customer demand and production schedules remained relatively resilient and allowing us to maintain a solid revenue base there.

In Asia, revenue declined from 12.3 million to 10.9 million, a decrease of 1.4 million year-over-year. This development was primarily attributable to lower tooling business activities compared with the strong prior-year quarter.

Encouragingly, this was partially offset by growth in our series business, demonstrating continued demand from existing customer programs in that region. Looking at the overall regional mix for the quarter, the Americas represented approximately 46% of group revenue, Europe accounted for around 45%, and Asia contributed roughly 8%.

Last but not least, let me now turn to the profitability by the operating segment. As discussed earlier, group adjusted EBIT increased to 8.8 million compared with 7.7 million.

The primary driver of this improvement was a significant earnings recovery in Europe, which more than offset lower contributions from the Americas and Asia. Saying that and starting with Europe, adjusted EBIT improved by 2.7 million year-over-year, reducing the regional loss from 3.3 million in quarter one last year to 0.6 million in the current quarter.

This substantial turnaround was driven by a strong tooling activity associated with project closures as well as benefits from our cost efficiency initiatives. Turning to the Americas, adjusted EBIT amounted to 9.3 million compared with 10.4 million in the prior year.

While the region remains the strongest earnings contributor within the group, profitability was impacted by lower income from other operating items compared with the strong prior-year quarter. Nevertheless, margin remained solid, and the region continues to deliver a strong earnings contribution.

In Asia, results were broadly break-even with adjusted EBIT of approximately 0 compared with a positive contribution of 0.5 million in the prior year. The decline was primarily the result of lower tooling business activities in that region.

However, this was partially mitigated by solid series sales performance and a more favorable input cost environment, demonstrating also that the underlying operating performance in the region remains stable. Overall, we are encouraged by the regional profit development.

The recovery in Europe highlights the effectiveness of our restructuring and efficiency measures. The Americas continue to provide a robust earnings foundation, and Asia remains well positioned to benefit from future tooling activity and customer programs.

Let me conclude today's presentation before then taking your questions. As already heard and no big surprise so far, the operating environment remains challenging.

The global light vehicle production continues to be characterized by a subdued demand, and customer production schedules remain subject to fluctuations, and the visibility beyond the near term remains limited. Despite these circumstances, we delivered revenue growth, improved profitability, a strong free cash flow, and further strengthened the balance sheet.

We remain focused on the factors, at least that we are within our control, which means cost discipline, operational excellence, and working capital management. The progress made in Europe demonstrate that our efficiency initiatives are delivering tangible results.

Looking ahead, we remain committed to executing our strategy, supporting the customers' upcoming vehicle launches, and all in all, our start of the financial year reinforces our confidence in the long-term prospects of our business. Thank you for your attention, and as already mentioned, we will now be happy to take your questions.

Thank you. Good afternoon.

Two quick questions, please. The first one, could you please maybe elaborate a bit more on the main puts and takes in terms of top line and margin development in the coming quarters, if we take into account maybe normalization of those tooling revenues, rising raw materials, and also sustained cost efficiencies?

That's the first question. Then could you please provide more detail on the new plant in Shanghai in terms of capacity and whether you would address local or international customers?

Thank you.

Thank you, Alexandre, for your questions. In terms of your first question, for sure, also no big news.

We do not have a formal guidance out at the market, but nevertheless, let's give some color on that. As mentioned on my conclusion, the visibility is limited, right?

Far, what we can see, based on the call-offs we have and are binding at least for the next three months, we are close to our target and meet and achieve our expectations. That means that as heard during the overall presentation, we are quite satisfied and confident with the start and also going forward, at least for the first half of our financial year, which means until autumn, September.

All beyond that is not really fixed and not really predictable, but again here, what we see and what we have as a exchange with our customer, again here also until year end, we are sticking to the targets and we are quite confident to meet that. That transferred into a kind of profitability is also here, that we should achieve and follow on that level we reported right here with that 6.6%.

We are quite confident that we are stabilizing with a kind of positive momentum, I would say, if this will materialize over the next couple of months is that we can lift up that a bit and further, yeah, strengthen also our profitability. That's all related right to the market itself.

Also, tooling, for sure, it was for sure a key driver during quarter one that was I think elaborated during the last 30 minutes. We will have also tooling revenue during the next quarters.

That's more or less already visible. This will for sure also support the next quarters.

All in all, we are kind of, yeah, satisfied with the start and also looking forward at least within our first half of the financial year. Then handing over to Markus to the second question.

To the second question, Alexandre, coming to Shanghai, to be very clearly, we are talking here about more or less a sales and design office, yeah. It's no production moving to Shanghai.

The reason behind this is to be more closer to Asian and Chinese customers. Most of them are located in Shanghai region, and that was the reason why we decided to move our sales team, acquisition team, and design team from Langfang, where our production plant is located, to Shanghai.

We will have there an office and smaller showroom, and where we are able to invite customers, explain them our products, and, as said, be closer to them.

Thank you very much.

Thank you, Carmen. Thank you to the audience for listening us here in our Q1 presentation.

Thank you for your support for Novem, and we are glad to give you for the next quarter again our update to you. Thank you.

Also thanks from my side.