Hi. Good morning, everybody.

Just one word before I pass the speech to Raffaella. The company is happy, satisfied for all the different segment we're working on.

On the top, I think the business model of the company is showing again that is very much resilient to any kind of problem. Now we have an additional war, but in spite of this, the business is still there, still consistent, still doing more or less like we've done last year.

Now, I pass the word to Raffaella.

Thank you, Paolo. Good morning, everyone, and thank you for joining us today.

The first quarter of 2026 delivered a positive and solid start to the year, fully in line with our expectation. Group revenue reached around €389 million, up 2.5% compared to Q1 last year.

This growth was supported by both business unit, despite a complex market environment. Looking at distribution, perform- performance was very solid.

We saw higher volume and prices in several key categories, such as exotic fruit, grapes, kiwi, and berries, more than offsetting expected lower banana volumes and weaker Mexican avocado prices. Coming back to our recent announcement on distribution, I'd I'd like to briefly explain their strategic relevance.

The exclusive lychee agreement is a key element of our premium positioning. It has attracted strong interest in the market, and we believe it could create additional commercial opportunity over time.

By contrast, the investment in Vigo is clearly about growth. We see we still see strong growth potential in Spain, and especially in that region, where competition is still limited.

Turning to shipping, the quarter was the quarter closed broadly in line with last year, despite a lower loading factor and some temporary operational issue. The situation has improved since April, with loading factors now well back in line with our expectation, and even slightly ahead our initial initial forecasts.

Moving on to profitability. Adjusted EBITDA was €20.8 million, broadly in line with last year, with a stronger contribution from distribution offsetting lower profitability in shipping.

Adjusted net profit increased to €8.3 million, supported by lower financial cost and a reduced negative impact from exchange rate. Our financial position remains very strong, with net debt improved to €103.8 million, driven by solid cash generation and good working capital management.

Looking ahead, we remain fully focused on delivering our financial and economics targets. We are also continuing to work on selective external growth opportunities, as we have mentioned in previous calls.

We are approaching this pros- process with care and discipline, investing time and effort to find the right target, the right people, and the right value. We will continue to update you as we move forward.

Thank you, and I now turn it over to Matteo.

Thank you, Raffaella. Thank you, Paolo, and good morning, everybody.

Thanks for joining the call. I will go a bit more in details.

We started with the economic and financial response for the quarter. The capex investment are in line with expectation, strengthening the group's distribution footprint through upgrades to building and equipment across all our warehouses, especially in Italy, where we are investing to enlarge our fresh-cut capacity in Verona, and, obviously, Spain, as Raffaella just mentioned, and France.

It's very interesting because we are now employing our capital exactly when we see opportunity of growth, and we are working on delivering added-value processes and products to our clients, and fresh-cut is one of the top picks. As Raffaella said, after the quarter, we closed the transaction with the new distribution platform in Vigo, in the north of Spain.

This will benefit the all Iberian Peninsula operation, because from Vigo, we can serve Portugal as well, in the north part, where we are less present. Lychee business was already highlighted by Raffaella.

This is a milestone for our added-value product gamma, and we are sure we're going to be able to create additional opportunities through lychee all over Europe. The interest rate situation is well in line with our expectation, and so our gross debt is established on the long term.

This is created to define, let's say, a stable interest rate value and to grant to the group the financial stability to grow. On May 13, Orsero shareholder received a dividend of 0.5 euro cent per share in cash and a dividend in kind through the allocation of one Orsero share every 172 shares held by the register shareholders.

The market context in Europe is seen an inflation rate around 2.5% up to March 2026, up from 1.9% in February, with unprocessed food inflation, that actually is what is concerning and or benefiting us, growing from 3.5% in December 2025 to 4.1% in March 2026. The group results, in this context, are marking an increase in prices.

This is always not only related to the inflation, but is specifically related to our mix, that is growing in value quarter by quarter. The volumes are almost unchanged versus Q1 2025, but this is only because we decided not to participate to certain tenders, specifically in France, Portugal, and Italy, following our strategy where banana business is a stable one, is a business that we want to continue to have, but with a portion of selected clients that we decide to serve or not depending on the market condition, not to lose money on the business.

The distribution business unit, the sales growth is around 2% versus Q1 2025, and, as we said, the increase in volume and prices for high value-added category in Europe was particularly for exotic fruit, kiwi fruit, and berries, and then, as we said, counterbalanced by lower banana volumes and lower prices of Mexican avocados. Actually, Mexican avocados, we are seeing a market that is completely different in terms of pricing compared to last year.

We have to face a period 2025 first quarter that was exceptional. The volumes are above last year, this is a good KPI for us, but obviously we have to stay with the prices that the US market is giving to the Mexican volumes.

The adjusted EBITDA margin comes in with 4.42% versus 4.35% Q1, thanks to the high value-added product contribution. Shipping business unit, the sales are performing in line with our expectation, thanks to a more favorable schedule and to rebilling of higher fuel-related surcharges related to environmental compliance, particular EU ETS.

As we said, we always said in the shipping, we are well covered vis-à-vis the bunker price increase, thanks to the commercial contract that we have with third parties and thanks to our hedging strategy performed last year. Adjusted EBITDA is around €7 million, representing 23.7% of net sales, decreasing compared to last year due to a lower loading factor.

As Raffaella said, we are seeing since April an inversion of trends, we are confident to have a good performance for the end of first half. Now going to the consolidated net profit bridge.

This year, we have a consolidated adjusted net profit that is passing from €8.1 million to €8.3 million, comparing the two quarters. The main effect is a decreased EBITDA of €0.7 million, additional D&A and provision of €0.4 million, a better performance on the financial side and share of profit from our not-controlling interest by €1 million, and a positive tax effect of €0.3 million for the fact that we had a better result on the distribution in the country where we still have tax asset to use to offset our tax contribution.

This year, we adjusted a bit more the net profit and the EBITDA compared with last year, but just because we had, at the beginning of the year, a stop of the four vessels that needed, to fulfill the schedule, to charter two additional spot vessels that are coming in with €1 million additional nonrecurring cost that we are offsetting because it's not going to be again suffered during the year. In terms of net equity variance, the net equity is passing from €274.5 million end of 2025 to €284.6 million first quarter 2026.

The main effect is the net profit of the period, €6.5 million, a positive effect on the hedging reserve for €3.5 million, mainly related to the bunker hedging, and others effect are negligible. In terms of net financial position, excluding IFRS 16, the performance is very positive.

End of last year, we closed our balance sheet with €49.7 million. We had €9.8 million positive cash flow, a negligible net working capital variance, -€0.2 million, operating capex for €2.9 million, well in line with our expectation and forecast, and a positive mark-to-market effect of €5.4 million.

The net financial position, without counting in IFRS 16 principle, is €37.5 million, and adding the IFRS 16 effect, we are passing the €103.8 million. As Raffaella said, we are confident to achieve our financial economic targets for the end of the year, and we will keep you posted on the evolution quarter by quarter to be more precise on our expectation on the guidance 2026.

Now I will leave the rest of the time for the Q&A session. Thank you.

Hello. Good morning, everyone.

Thanks for the presentation. First question, on the new Vigo hub, if I'm not wrong, you indicated the potential to triple revenues in the area, which currently stand at around €12 million, if I'm not wrong.

What is the realistic timeframe to achieve this target, and more in general, which is the role the platform will play in strengthening your coverage in northwest of Spain and Portugal? Then on Madagascar lychee contract, could you provide more details on expected volumes, duration of the agreement, and the geographic scope of the distribution in Europe?

It would be also helpful if you can provide any indication on the impact you expect from the contract. Lastly, on shipping, you mentioned probably extraordinary maintenance issue during the quarter.

As this now been completed, should we expect any further impacts in Q2 or nonrecurring cost during the year?

Thank you. Thank you, Gabriele.

Good morning. I will start from the Vigo hub.

You're right. The new Vigo hub is a strategic path of growth for Spain, because actually, you know that in the Iberian Peninsula, we have two companies.

One is Hermanos Fernández, serving Spain, and the other one is Eurofrutas, serving Portugal. Actually, we were not really covering the north of Spain and the north of Portugal, the Galician areas, that is really on the border between Portugal and Spain.

The new hub is a state-of-the-art hub. It already has a team, because we bought basically the warehouse and the team that were working there, it's around 20 people.

We already have in place total integration with ERP system of Hermanos Fernández and Eurofrutas. We have in place the commercial team, the operative team, and everything that we need to start working.

Actually, the warehouse is already operative, and we are having direct sales since a couple of weeks in the region. The size of the hub is 5,000 square meters, and the hub will be dedicated to added-value products.

As Raffaella said, that area of Spain is a populated one, is really strategic because of the port situation there. We have the Vigo port that is one of the main hub for the importation of fruit and vegetables from the Atlantic coast, and actually, if you look at the map, is one of the first stop a vessel can make to reach Europe.

It's a very strategic place. The competition there is always present, because we are working in a commodity space, but is not as strong as it is in other region in the Iberian Peninsula.

We think that we will be able to reach between €35 and €40 million revenues in a three-year time, hopefully sooner, but this is with a contingency approach, as we always take our expectation at the moment. Most important is that the hub will not be used to ripen bananas, but to deliver added-value products and processes to our retailers and to the wholesale market.

Together with the hub in Vigo, we bought as well two points of sales in the wholesale market of Vigo, that following our strategy is really coherent, because we always try to have a good balance between retailers and wholesale market. I pass to the Madagascar lychee.

The Madagascar lychee is a new contract that we took and the situation of the importing of Madagascar lychee in Europe is quite unique, because there are only two importers for the whole Europe areas, and we took the place of one of the two after, I think, almost 30 years. By definition, if we will be able to perform well for our partners in Madagascar and for ourselves, the contract is a long-term one.

We're looking forward to maintain this position, I would say forever, but forever means long-term. Normally, the volumes allows the two importer to have between €20 and €23-€24 million revenues each importer during the month of December and January.

The campaign will be split, it's mainly in December for the Christmas season, but is lasting up to the end of January. The campaign will be split in two different years, let's say.

Normally, the business is an intense one in terms of logistical effort, organizational effort, and commercial effort, because it's a lot of volume coming in in a short period, and it will be needed to organize the shipping as well for the importation, and we have a key capability to do that because, as we are integrated with the shipping activity. It's not a business that anyone can run.

In terms of results, it's always difficult in the fruit and vegetable business to forecast a result, especially the first year where you are working with a new category. Historically speaking, the business used to be quite profitable for the importer.

It's not now the right time to be precise, because we're starting to work, but we have very good expectation for the turnover and profitability results related to the lychee. Gabriele, can you please raise again the third question?

Was it about the shipping, am I right?

Yeah. I was asking about the extraordinary maintenance you had during the quarter, and I was wondering if now it has been completed or we should expect any operational impacts or recurring cost during second Q.

Yes. No, yeah, I confirm.

The situation was one-off, otherwise the adjustment is not fair on the figure. We consider the problem totally solved.

Exactly to solve the problem and to let's say to be able then to deliver a normal year, let's say, that's why we decided to absorb the €1 million of extraordinary cost, because we preferred to hire two spot vessels in order to be able to correctly make the maintenance to the vessel, stopping them one week each. Sometimes it's needed to do that.

It happened in the past. It's nothing super relevant.

Obviously, being vessels and being on the sea and wanting to continue to have a weekly service for us, for our volumes, and for our partners, obviously when we had to take this decision, we look at the situation with a strategic approach, and we prefer to bear some additional one-off cost, but to fix the problem instead of continuing to operation the schedule, decreasing the one-off cost, but then having, let's say, recurring issue that normally are cutting more profits compared to the one-off one. I confirm to you that the situation is solved.

Thank you, Matteo. As a reminder, if you wish to ask a question, please click on the Q&A icon on the left side of your screen and click continue, or press * and 1 on your telephone.

Once again, if you wish to ask a question, please click on the Q&A icon on the left side of your screen or press * and 1 on your telephone.

Hello. Good morning to everybody.

Most of my questions have been answered. I would like to maybe ask you if you can elaborate.

What's the state of the art in terms of inflation, in general? You mentioned something during your presentation, but can elaborate a little bit more on the state of the art of inflation for your industry, and what are your expectations?

Generally, inflation cost in the, let's say, agriculture world is the first one to appear. With the COVID pandemic that your industry is very able to manage and to pass over this cost, but I'd like to have your maybe inputs or opinion.

Thank you very much.

Good morning, Andrea. Actually, our vision on inflation, it's a pure forecast, because by the end of the quarter, as the conflict just started, we saw some speculation specifically on the energies input, specifically the bunker, the oil price, and all the related derivatives, and the energy cost.

As we all know, the situation is continuing, and it's difficult to forecast when it will be ended. Actually, we are seeing a situation where a higher inflation is coming, and this will be related to the transport cost and to the energy cost.

In our vision, the problem is already there, even if it's not really showing up now. This is really because most of the goods that are shipped to Europe and all over the world carried by the liners, normally the bunker adjustment factor that the liner uses is not weekly, as we do, because we always try to be totally coherent and on time vis-à-vis the market condition, but they normally apply a monthly BAF or a quarterly reviewed BAF, bunker adjustment factor.

This will cause a lag of timing in the impact of the cost, but we see, beginning Q3, a massively impact due to the increase in cost of transportation. Obviously, we are transferring all our vision to our clients, and when it comes to seasonal fruit or that we can manage on weekly or daily prices, we are confident to be able to transfer the inflation without speculating, but just doing our job, as we did during COVID.

Obviously, all the inflation and eventual disruption that we will have again on the container capacity worldwide, being integrated with the shipping, we're well positioned to absorb it, and eventually taking advantage, if possible, on that side. This is mainly what we're seeing that is happening.

The inflation now is still, let's say, under control, but we see a situation that will get worse in the second part of the year. As a group and as a business, we are an anticyclic one, we are well prepared and the business model is well prepared to absorb the impact because of our gamma of product, because of our shipping integration, and because of the fact that we are well covered on the energy, well hedged on the energy external input for the next months and with the energy on the warehouse as well in the next year.

It's not a comfortable situation, because it's always something that we have to handle in a day by day, but surely we are well positioned to perform. This is what I can tell you so far.

Thank you very much. If I may, do you see those potential fallout effect of rerouting some supplies of products?

You were mentioning, I think in the past, oranges from South Africa or anyway other products that instead of going to the Persian Gulf, they are rerouted into Europe and dampening prices, or something like that?

Actually, as always, the main impact is on the bananas, and will be on the bananas, because the first reaction when you have the fruit on the vessels and then you have to sell that fruit somewhere is to, let's say, to turn the goal and to go to Europe instead of Middle East. Surely, the market will be adjusted from time to time.

In banana oversupply is where we see the worst effect at the moment. The typical good spot market that we see in the first months of the year is not there this year.

Being the situation of Europe 70% related to tenders with retailers, then let's say that the impact is not massive, but is mainly on bananas. Going on the overseas campaign, like South African citrus, there are some phytosanitary issues that can block a massive volume from South Africa to come to Europe, because we have stricter rules in Europe compared to Middle East.

It's possible that some flows will come in with additional volume in Europe. Those are products that we work in consignment, at the end of the day, we will be discussing with our partners in production in order to understand which is the right volume to have in Europe, being able to maintain a certain level of pricing.

If our partners will ask us to absorb more volume, we will be working for them for sure, because this is our role in the market, but obviously we will protect our commission. Being the business model of the group well balanced on the consignment pricing model on the overseas campaign, we look at our business as a protected one.

Thank you very much. For any further questions, please click on the Q&A icon on the left side of your screen and click continue, or press * and 1 on your telephone.

Thank you very much to everybody for joining the call, and we'll continue to work to deliver the best results that we can as a group, and we keep in touch, and we will discuss again for the first-half results in September. Thank you very much.

Thank you.