Good morning, everyone, and welcome to our Q1 webinar for the result of Polygiene Group. We will split this into three sections.

The first section will be financial update, followed by a business update, and at the last section, we will take on any question you may have. With that, over to you, Niklas, for the financial update.

Thank you. To start with, with an overall summary, we can see that sales, it was 31 million versus 41.5 last year, which is around 20% 25% lower.

8.5% of that is driven by FX. I think it's important to to remember that in most cases, our first quarter are the lowest quarter during the year, but last year, actually, the first quarter was the highest one.

If we would have used 25 2025's Q1 as a run rate, that was actually 10% above the the full year for '25. It's a it's quite tough quarter to compare with.

If we look on the gross margin, we had an improvement. We have 69.5 versus 67.4.

It do include a plus 2.5% in FX impact. I think also here it's important to to to look on the underlying numbers.

If you look on the segments, we we can see an improvement both in Addmaster and in Polygiene versus last year. The split between Addmaster and Polygiene has changed.

During this year, Addmaster is is bigger than Polygiene. As Polygiene has generally a higher margin, that has actually a negative impact on on the on the overall margin.

We're seeing an improvement in the margins year-on-year. Operating cost was below last year with almost with 3 million, 19.2 versus 22.4.

It's lower development cost, slower travels, lower management cost, legal and audit cost, and in 2025, we had a bonus in Q1. We don't have that this year.

We're also two people less during this first quarter. EBITDA is 1.2 versus 3.1.

EBIT was minus 0.1 versus 1.6. Looking at the cash flow, this quarter we had a positive cash flow of 3.7 versus a negative of 4.1 last year.

The net cash is 43.5 versus 61.9. If we look a little bit more in detail on the sales, then we can see overall that Asia was more or less flat.

The biggest drop was in Global and in Americas in the total. Polygiene, then, as we said, was down 42%.

Now it's below 50%, whereas last quarter last year it was above 50% of the total. The reason for the drop in in Polygiene is mainly then in the global, the distribution, is down 4 million, and Americas, and EMEA.

APAC is more or less flat if you would take out the FX impact. Looking on Addmaster, excluding FX is more or less flat versus last year, and now it is almost 60% of the total in this quarter versus 46% last year.

EMEA and APAC, excluding the FX, is more or less flat, while we see the drop in this segment in Americas as well.

Thank you, Niklas. I will now take you through a short business update for the first quarter of 2026.

As you have seen from the numbers, this has been a demanding and challenging business environment. That said, I'm pleased with how the team and the business have performed overall.

Our focus has been on discipline execution, which I see as necessary foundation for for the rest of the year. If you remember at our Q4 presentation, I outlined four key priorities for 2026.

First, to manage the impact of rising silver price. Second, to drive diversification through innovation and expanding into new segments.

Third, to restore profitable growth in the Americas. Finally, to reposition Addmaster as a leading technical solution provider.

I will now walk you through how we are progressing against each of these priorities. Let me start with silver.

During the quarter the quarter the first quarter, we saw a sharp increase in the silver prices, peaking at over €3,270 per kilo at the end of January. The prices have somehow stabilized, but at a relatively high level, around 2 2,000 hundred euro per kilo, which is over twice the level it was during the first half of 2025.

However, we have reacted quickly and in a structured way. We implemented price increases across both segments.

For Addmaster, the new prices came into effect on the 1st of March, and for Freshness, they will come into effect on the 1st of June. What's important is that we had sufficient inventory at the previous cost level, and this has allowed us to manage the transition smoothly without disruption to our customers.

At the same time, as Niklas mentioned, we have maintained a strong cost discipline. As a result, we have effectively protected our margin despite low volume.

Also, we saw some customers bringing orders forward, particularly in Addmaster, into Q1 and Q2. Overall, this reflects both the continued demand for our solution and the strength of our pricing discipline.

Having secured our margin, let's now turn to growth. Innovation remains a central driver of our growth strategy, and in Q1, we launched OdorCrunch 2.0.

This is a next-generation odor control technology. Its key value proposition is that it's non-biocidal, and it contains no heavy metals.

This positions as well as regular regulatory requirement and sustainability expectation continue to increase in the textile industry. Importantly, it supports our strategy to diversify beyond silver-based technologies.

The market response was very encouraging. At Performance Days in Munich in March, OdorCrunch 2.0 was selected as one of the top 10 innovation out of more than 90 applicants.

More recently, we also saw very strong engagement from both brands and mill at Functional Fabric Fair in Portland early in in April. Overall, we had really good, broad international media coverage of this launch of OdorCrunch 2.0.

This this strengthen our Freshness platform, and it expands our addressable market. However, as with any new technology, it will typically take between 12 and 18 months before we see the full integration into our customer collection.

While the commercial impact from OdorCrunch 2.0 will come over time, what we are starting to see is the first commercial orders for StayCool, which was launched last year. As you can see here on the left-hand side picture of of this slide, this is an example of a new collection from US brand 3BROS, which now uses both Polygiene StayFresh and StayCool technologies.

More broadly, we continue to build commercial momentum with our existing technologies and leading global brand partners. During Q1, we initiated our first collection with Salomon, we expanded our partnership with HEAD, and we saw new launches not just with 3BROS, but also with French French brand Le Coq Sportif.

These developments are important. They demonstrate the continued demand for our solution and the strength of our relationship with our leading global brand partners.

Let's now turn to the Americas. The Americas remain a key focus area for the group, and the reason is clear.

Sales in the region have declined over recent years, and in 2025, it was not profitable, which is why restoring profitable growth is a key priority for us. In Q1, we took several concrete steps to support this.

We reviewed our agents' agreements and brought selected partners back as direct accounts. We also launched a dedicated Addmaster US website, reflecting the strong level of interest we are seeing in the region and allowing us to better serve and convert US-based customers.

As you can see from this slide, from Leads Forensic analytics, over the past 12 months, we had more than 25% of the traffic to Addmaster UK website that was coming from the US. This is an important step to support those customers.

In addition, we've started to also increase our focus on pipeline conversion, but there is still more to do in this area. Q1 was a relatively soft quarter in the region, but the actions are now in place, and we continue to manage costs very carefully and strengthen our commercial execution in the region.

The Americas will remain a key focus for 20 for the second quarter of 2026 and across both textile and solid surface segments. Finally, let me give you some updates on Addmaster.

We are making good progress in repositioning Addmaster. Our direction is now clear.

We are moving from nice-to-have application towards must-have solutions, going back to the prepandemic business drivers and focus. This means focusing on areas where our technologies address critical technical and commercial challenges.

To support this shift, we are increasing our direct engagement with customers, strengthening our technical dialogue to better understand their needs so we can deliver tailored solutions. We also sharpening our commercial focus on high-value opportunity, and we are increasing focus on cross-selling synergies between Addmaster and Polygiene.

This repositioning is is underpinned by very strong, long-term structural trends. We see growing demand linked to sustainability, resource efficiency, and circularity, and our technology enable those trends.

We're also seeing increasing regulatory requirement and public health concern, particularly around antimicrobial resistant, and we're working towards publishing a white paper explaining how antimicrobial additives can help in the antimicrobial resistance fight. Together, these trends are driving a clear and growing need for our solution, and this will allow us to build higher quality and more resilient revenue over time.

To conclude, we have delivered clear progress against our strategic priorities. We have protected margins through disciplined pricing.

We are expanding our growth platforms through innovation. The America remains a key focus, with action underway to restore profitability.

Addmaster is strengthening our future growth profile. Overall, we remain well positioned to navigate the complex environment and deliver sustainable growth.

We do recognize that there is still a lot of work to be done as we continue our journey towards the mountain summit. Thank you for your attention, and we will take some questions now.

We got a question here prior to the meeting about what is the most important action during this year that would have an impact on the share price. I think we talked about some, or you talked about some of the actions.

If you could pick one that would have the biggest impact for the share price?

The biggest impact will be growth, and will be sales. Increasing sales is what is going to have the biggest impact on our results.

Some of it is in our control, some of the action about retargeting, focusing the right application, the right customers, where we will grow with them, that is under our control. Also unfortunately, there are also some that is outside our control.

How well the brands sell their garment into the consumer is slightly outside our control. It is also driven by the general geopolitical situation and overcautiousness of consumer demand right now in general in the textile industry.

Do

we have any more questions? No.

It would appear we don't have any more questions, thank you very much, everybody, for your time, and we look forward to speaking with you again in July.