Thank you again for being here today. Allow me to start by introducing myself. My name is Andreas Timothy Hadikrisno. I'm the Head of Investor Relations at Avia and will be moderating this earnings call today. We are joined today by three other presenters, starting with Mr. Ruslan Tanoko, the Vice President Director of our company, followed by Mr. Robert Tanoko, the Operations and Development Director, and finally, Mr. Kurnia Hadi, the Finance Director. During the first quarter, Avian Brands generated $140 million in revenue while sustaining solid profitability with 44.9% gross margin, 28.6% EBITDA margin, and 21.3% net profit margin. Avian Brands continued to gain market share, benefiting from its strong positioning, especially during periods of challenging market conditions. The company's operations are all supported by our nationwide distribution network, serving of over 60,000 retail outlets across 38 provinces and 99 cities in Indonesia. With a workforce of more than 9,000 employees, Avian Brands remains well-positioned to deliver industry-leading service and strengthen its market presence. Sustainability also remains an integral part of our strategy, with 45 products certified by Green Label Singapore contributing around 25% of sales, while approximately 85% of our portfolio consists of water-based products. This page summarizes the company's quarter one 2026 financial performance compared to the same period last year. Despite persistent market challenges, Avian Brands achieved a double-digit growth in revenue, reflecting the resilience of our business operations. Earnings per share during the quarter also grew by 15.2%, in line with the company's overall profit growth. As we have consistently emphasized, the company remains focused on disciplined cost management and continuous optimization to sustain robust profitability over the long term. However, external pressures, including geopolitical tensions and US dollar against IDR movements, continue to impact raw material costs. In response, Avian Brands decided to implement a price adjustment effective April 2026, ranging around 7%-10% across three main product segments, which are the wall, wood and metal, and waterproofing. This adjustment reflects our commitment to maintaining operational stability while remaining competitive in the market. Looking ahead, we will continue to monitor market conditions carefully and remain cautious in our outlook. Nevertheless, supported by our strong distribution network and market positioning, Avian Brands remains confident in our ability to navigate these challenges while continuing to accelerate market share gains. During the first quarter, Avian Brands introduced seven new products across the wall, waterproofing, and flooring segments. These launches are further supported by our extensive distribution network and integrated sales systems, which enable our sales teams to manage product portfolios more effectively and accelerate market penetration. Product innovation remains a key pillar of our growth strategy. Beyond expanding our range of offerings, several of these new products were strategically developed to compete in high-growth segments, allowing us to strengthen our market position. Ultimately, our goal is to provide customers with a comprehensive range of solutions, from economic to premium, enabling Avian Brands to serve a wide spectrum of needs and price segments. In the first quarter, we continued to strengthen our distribution network with addition of two wholly owned DCs and one mini DC. Our robust logistics infrastructure allows us to maintain high service reliability, enabling fast and efficient product delivery across our network. During the quarter, we achieved around 87% fulfillment rate for our one-day delivery service, which remains an important differentiated for Avian Brands. Going forward, we will continue to expand and optimize our distribution footprint to further strengthen market reach and increase the number of active transacting customers. In quarter one, consolidated sales increased by 16.8% to IDR 2.3 trillion, driven by strong double-digit growth in both the architectural solutions and trading goods segments. The number of transacting retail outlets increased to over 53,700 nationwide, representing an addition of more than 1,700 outlets. This growth reflects deeper market penetration supported by the continued expansion of our distribution network. Overall, despite a challenging market environment, Avian Brands continues to expand its customer base and strengthen its presence across the retail network. I will now pass to Pak Hadi to continue the presentation. Thank you, Pak Andreas, and good afternoon, everyone. This slide provide an overview of how our sales are distributed across segment, customer type, and distribution channels. Starting with the charts on the left, architectural solutions remained the main contributor to our revenue, accounting for 80% of total sales. Within this segment, the wall, wood and metal, and waterproofing categories continue to drive performance and recorded positive growth during the period. Looking at our customer mix, traditional retail outlet continue to represent the majority of our sales, contributing 92.1% of total revenue. From a distribution perspective, our wholly owned distribution center remained the primary channel accounting for 91% of total revenue. Moving on to profitability, in the first quarter, Avian Brands registered a consolidated gross profit of IDR 1 trillion, growing by 14.6%. The consolidated gross margin for the quarter was 44.9%. The consolidated EBITDA was reported at IDR 674 billion, representing an EBITDA margin of 28.6%. Consolidated net profit for the quarter was IDR 503 billion, with a recorded net profit margin of 21.3%. The recorded margin in Q1 are largely aligned with the full year 2025 achievement, reflecting consistent and stable profitability. Most historically, Avian Brands has demonstrated an ability to maintain relatively stable margin even during periods of raw material price volatility. This resilience is supported by several key strategies, including our pricing pass-through mechanism to offset cost pressure, as well as a disciplined inventory cycle that provide a natural buffer. In addition, the company benefit from strong operational advantages, including in-house raw material capabilities and continuous cost optimization initiative, which collectively help mitigate input cost volatility and preserve margin stability. Moving on to architectural solutions, Avian Brands continue its growth trajectory in the first quarter. Sales for this segment increased by 15.7%, amounting to IDR 1.9 trillion. During the quarter, total volume for this segment grew by 12.6%. Within the segment, the wall maintained its strong performance, delivering double-digit growth during the quarter. Avian Brands continue to gain market share and strengthen its position in the segment. Despite the challenging market environment, we believe that the current condition also present opportunities for us to gain market share, supported by our nationwide distribution network and strong retail coverage. Moving on to trading goods, the segment continued its strong momentum in Q1, making nine consecutive quarters of double-digit growth. Sales increased by 21.6% to IDR 463 billion. During the quarter, more than 42,000 retail outlets transacted in this segment, reflecting an addition of over 2,400 outlets and accounting for 78.4% of total consolidated customers. This page presents the gross profit by segment for the first quarter. The architectural solutions segment achieved a gross profit of IDR 972 billion, growing by 14.2%. During the same period, the recorded gross margin for this segment was 51.3%. The trading goods segment generated a gross profit of IDR 88 billion with a gross margin of 18.9%. I will now pass to Pak Robert to continue the presentation. Thank you, [Pak] Hadi. Turning to our cost structure, Avian Brands maintained a stable operating expense profile during the quarter. General and administrative expenses remain at around 3% of total sales, while sales and marketing expenses accounted for 16.6%. Escalating geopolitical tensions have led to higher prices for several key raw materials. In addition, the recent depreciation of Indonesia rupiah against the US dollar and Chinese renminbi has further increased pressure on input costs. In response, the company has taken proactive steps to secure its supply chain, leveraging long-standing supplier relationship, increasing inventory levels, and prioritizing shipments to mitigate potential logistics disruptions. Historically, the company has effectively managed raw materials volatility through a combination of procurement strategies, operational efficiencies, and selective pricing adjustment. We will continue to closely monitor market developments and adapt our operational and commercial strategies as needed. Turning to our next slide, working capital was well managed throughout the quarter, accounting for around 28% of total sales. Capital expenditure for Q1 amounted to IDR 99 billion, equivalent to around 4% of total sales, with routine CapEx accounting for around 2%. A key focus of investment continued to be the rollout of the tinting machines at retail outlets as part of the company long-term growth strategies. Supported by robust free cash flow generation, Avian Brands remains committed to its dividend policy of distributing a minimum of 50% of total net profit as dividends. For your information, at the 2026 AGM, the company approved a total cash dividend of IDR 1.36 trillion, representing a payout ratio of 78%. This reaffirms Avian Brands' continued commitment to delivering strong shareholders' returns consistent with its solid dividend track record for the past five years. The chart on the left highlights our on-time account receivables collection performance. The consistent prioritization of payments from retail outlets, both under favorable and challenging conditions, reflects the strong trusted relationships we have built with our retail partners. On the right side, the table demonstrate the company's effective management of uncollectible receivables and internal fraud risk. Supported by a well-structured accountability system and disciplined internal processes, Avian Brands continues to maintain strong control over credit quality. This performance is further reinforced by our strong corporate culture, transparent business practices, and robust internal control framework. This page presents an update on our second share buyback program. The initiative was launched following the successful completion of our previous buyback program. As of 6th April 2026, we have successfully acquired the entire authorized number of shares, utilizing approximately 63% of the total allocated budget. The company will continue to carefully evaluate the potential uses of treasury shares in order to maximize long-term value for shareholders. Turning to our guidance, we expect the operating environment to remain challenging, with limited support from end market demand in the near term. However, our teams remain focused and disciplined in executing our strategy. While demand may fluctuate in the short term, we remain confident that long-term fundamentals, including Indonesia favorable demographics and ongoing urban development, will continue to support the industry growth. Importantly, we are not waiting for the demand to recover. Across the organization, we continue to see opportunities to grow, innovate, and strengthen our position. Our priority remains clear: to outperform the industry and accelerate market share gains. Avian Brands has been awarded an A-plus rating in the 2024 sustainable report study of Indonesia-listed companies, audited by a Foundation for International Human Rights Reporting Standards in collaborating with Moores Rowland Indonesia. This achievement positions Avian Brands sustainability report among the top 16 reports or top 6% out of 263 publicly listed companies assessed in the study. Let me now invite Ruslan to share a few remarks. Please go ahead, Pak. Yeah. Thanks, Robert. Hi, everyone. Before we move to the Q&A session, I would like to briefly comment on our Q1 performance. Despite having eight to 10 working days in March due to the earlier Lebaran holiday compared to last year, which we initially estimated could impact our sales by around 5%, we were able to recover strongly. In fact, during the last three days of March, we recorded exceptionally strong sales, reaching the highest daily sales level we have ever achieved. As a result, we delivered strong double-digit growth in first quarter. This is a testament to the trust of our customers placed in us. Amid rising geopolitical tensions affecting global commodity supply chains, many customer anticipated potential increases in raw material costs and selling prices. They proactively increased their inventory levels, and importantly, they choose to do so with us as we have consistently proven to be a reliable partner for them even during challenging times. This trust has translated into strong growth and continued market share gains, even as many of our competitors are suffering during the same period. As we move into the second quarter, we are carefully monitoring the shift in inventory levels across retail outlets. We remain vigilant and agile, committed to maintaining this momentum and supporting our partners through every market dynamic. I will now pass to Andreas to moderate the Q&A session. Thank you, Pak Ruslan. We can now proceed with the Q&A session, which will last for one hour. The first question is coming from Robin. Robin has four questions. Number one, about volume, what drove the growth in the first quarter? Is it sustainable? How does management see the impact of higher fuel on demand? Number two, about pricing, how much does ASP have to increase to offset cost pressure? Number three, tough times allow for consolidation. Has management seen instances of smaller players capitulating? Will this speed up acquisitions? Last one, BTL expenses increase in first quarter year-on-year. Can you explain why? Will it continue as percentage of revenue? All right, I'll take the first one, which is the comment, the questions on volume growth. It's important to note that our growth in the first quarter was driven by strong execution across our distribution network and continued market share gains in our core segments. If we look at the split of our revenue between the wholly owned DCs as compared to the independent DCs, the results are starkly different. Our wholly owned DCs perform way better than our independent DCs. What I want to highlight from this is to let you guys know, imagine if you're a paint company operating in Indonesia, and you only rely on independent DCs. I think you will face a similar outcome because with our independent DCs, even though we support them with everything, including hardware, software, tablet, and continuous training, they are still finding it difficult to navigate, you know, during these turbulence times. Our wholly owned DCs clearly have outperformed them, even though, you know, we're facing a similar situation. We also observe early demand pull from our customers because I think everybody knows that, you know, the geopolitical tension, the war is really not seeing any end in sight. They're all knowing that, well, hey, oil prices are related to paint prices, and if this whole war continues, then paint prices should go up. That's basically what led to, you know, the last three days of huge spike towards the end of March. We did not anticipate that, but our customers obviously are more, you know. They know because they've been doing this for so long, so they anticipated it. We did not leak about our price hike in April to anyone outside the organization. Maybe Hadi [crosstalk] can comment on the second one. I think, yeah. Yeah. I think I will take the second question about the price, pricing. Yeah. We've seen a meaningful input cost increase, and we have taken measure pricing action to mitigate the impact, which we believe are sufficient for now. Given raw material cost volatility remains quite uncertain at this stage, we will continue to closely monitor developments. Going forward, our approach remain flexible and disciplined, including further pricing adjustment where necessary, as well as exploring alternative sourcing and maintaining prudent inventory management to ensure we can effectively manage cost pressure while preserving our margin. [crosstalk] Sorry, Pak Ruslan. No, no, go ahead. Yeah. About question about the BTL. Last year, the decline in below-the-line marketing expenses recorded under COGS was not solely driven by the company's efficiency initiative. It is also influenced by the change in promotional mechanism where certain programs previously structured as co-op incentive and recorded as BTL marketing expenses were converted into voucher or direct cash discount. This revised format are accounted for as revenue deduction rather than expense in COGS. Starting this year, we elevated our promotional scheme into a point-based system where customer accumulated point that can be redeemed for goods. Under the applicable accounting treatment, discuss recognize as part of COGS. As a result, BTL expenses recorded in COGS appear higher on a year-on-year basis. It is important to highlight that on a normalized basis, the overall allocation of the promotional spending remains well controlled and consistent at around 9.5% of sales. This reflect our discipline promotional management, and we remain committed to maintain this approach. That said, this level of control is best assessed over a longer period rather than drawing conclusion from a single quarter performance. Our ultimate goal remain clear, which is to ensure sustainability, profitability over the long-term period. Hope hopefully this answer your question. Yeah. One question from Robin that I need to answer is the following: Tough times allow for consolidation. Has management seen instances of smaller players capitulating? Will this speed up acquisitions? Interestingly enough, when we decided to implement our price hike early April, all the tier two and tier three companies did not participate. Only three names that basically participated during the price hikes. Well, actually, four. There's us, there's Nippon, there's Kansai, and another one was Propan. Up till now, I don't even know if any of the tier two and tier three competitors actually have raised prices. I think they're now in a position where they are really concerned about the, you know, the sales decline that they're experiencing. I think they're even more worried that if they decide to participate in the price hikes, then things are gonna be even worse for them. Simply put, this is obviously a moment for us to capture, right? We believe that we have gained significant market shares anytime there is any turbulence in the market, and that's basically what we know has been happening because of the demand that we have been seeing very strongly in the first quarter. Thank you. Thank you, Pak Ruslan. Next question coming from Bernice. How has the demand trended ever since you raised prices in April compared to 2021 price increases? Did volume drop as much past price increases? Is Avia still confident in ability to pass down rising raw material prices, noting that top-line guidance has not changed? Did competitors also follow suit with the price increases 7% to 10%? Maybe I'll answer this one. I already prepared myself because I know that some of you guys will ask about how we do in April. Even though we're still, you know, we still have one last day in April today, you know, I already look at my numbers as of yesterday. Short answer is that our Q1 momentum accelerated in Q2, highlighted by an extraordinary April performance that underscores our leading market position. Sales across architectural solutions and trading goods grew by more than 60%. This significant growth is partly attributed to the fact that April of last year included the Lebaran holiday, which reduced the total working period by about eight days. This obviously is good news for us, the fact that price have gone up and still there are very strong demand from the market. A few products within our product portfolio are experiencing scarcity. I think consumers really believe that we are the right partner, you know, for them in the long term, and therefore decided to actually buy more of our items, even though I don't think the market itself is actually great. In fact we've been talking to a few customers to find out how the markets have been since the whole, you know, market inflation has been happening severely in Indonesia and across the world. Their response was that market demand in the retail channel has actually not been all that great. This is a moment for all of our customers to take advantage to basically improve their margin profile, right? You know, 7%-10% in April was significant. We are actually implementing another price hike in May, that the scale is about 5%-10%. You know, tomorrow on the 1st of May or on Monday, customers will know that we are informing them about another price hike, which will take place in May. That will actually happen across the board, whether that's on the architectural solutions as well as the trading. In comparison to the 2021 price increase, did volume drop as much as price increases? Well, I haven't addressed the volume. If our sales in April grew by 60%, our architectural solutions volume grew by almost 50%. You know, we're doing extremely well across all segments, to the point, like I said earlier, we are experiencing shortages on a few products. Are we confident in our ability to pass down rising raw material prices, Note? Yes, we are. Keep in mind that, you know, whenever there is any instability in the market, we're one company with the best position to capitalize on it, right? We have the most finished goods inventory across the entire Indonesia because of our structure with our wholly owned DCs. Factory has finished goods inventory, and our wholly owned DCs also carry finished goods inventories. Yeah, we know that this is something that we can do. With all this uncertainty looming, we have to basically look at this, you know, almost on a daily basis because we are experiencing issues not only from rising raw materials, but also shortages. Like many other industries that you guys monitor, you know, this is not an isolated issue. It's really happening across many other building material segments. Did competitors also follow suit with the price increase? Yeah, like I said, in the beginning of April, only four that we noted. We just found out yesterday that Jotun, who is doing quite well also in Indonesia, we think that they're in the top five, maybe ranked four, only decided to introduce a price hike in May, so they did not participate in the price hike in April. In May, they are participating, and the magnitude of their price hike is between 2%- 10%. Thank you. Next question coming from Bernice, "Can you go into detail on inventory situation, and when do you expect the higher oil prices to hit your P&L? What are the strategies other than selective price increases will you employ to mitigate higher oil prices and the current disruption in the Strait of Hormuz? How is the situation different from 2021 for Avia? What has the 2021 experience taught management, and what would you do differently this time around?" Well, maybe Hadi can take the question about the higher oil prices on the P&L, and then I'll answer the rest. There's another additional question, Pak. If you are able to disclose what is the company's internal assumption of where Brent oil prices will stay and US dollar against IDR. Okay. At what level will the company need to consider another ASP hike, which we will do in May, Pak. Okay. Kurnia. Yeah. Regarding the oil price, I think we do not directly rely on oil price assumption as the relationship between oil and our raw material cost is not always linear. Instead, we closely monitor actual raw price, raw material price movement, yeah, which is, provide a more accurate basis for our decision-making. In response to recent cost pressure, we have taken measured pricing action as part of our normal course of business, yeah. At the same time, we are actively exploring alternative sourcing option and continue to benefit from a strong relationship with our longstanding supplier, many of whom have been supportive during this period. Yeah. Let me take the answer, the question on the inventory situation. As you guys know, we don't actually have a lot of visibility when it comes to the inventory levels at our customers, which is the building material shops. Rest assured that like I said earlier, right, even though the market conditions on the ground is really not that great because weak buying power is really happening in Indonesia despite all the activities that the government have been putting in place. Safe to say that our customers now are sitting on high inventory levels because they bought so much from us in March. They continue to buy so much in April. We'll find out how things are gonna be in May. I think all of these customers are taking advantage, like I said earlier, with regards to trying to improve their margin profile. You know, typically typical shops make between 3%-5% profit. Now if the price hike, you know, is happening, you know, in back-to-back months, 7% to 10% in April, another 5% to 10% in May, obviously when they have money, it's better than putting money in the bank, might as well just buy paints from Avian Brands. You know, the products doesn't expire, and they know that, you know, if anything happen in the future, you know, we're always nearby, and they can always you know, discuss with us on whatever issues they have. This also I need to bring out an important point, which was the on time account receivable collections. If you remember in the presentation, we showed that even last year we also had very stable accounts receivable collections at 90.4%. This is important because the last thing we want is for our customers to stockpile on our products, but not pay us on time. This, we have not seen any indications which is going in a, in a, you know, in this direction. We're very safe when it comes to our customers' ability to pay us on time, even though they decided to stockpile our products. This is a. The next is interesting questions. How is the situation different from 2021 for Avia? If I reflect back on my mistakes, back in 2021, actually the mistakes happened way before 2021, and that had a lot to do with the branding. How the company is different now as compared to then was that now we are very streamlined when it comes to our branding. We have one brand in the wood and metal paint. Back then, we used to have four or five. We have one brand in the waterproofing paint. I mean, our waterproofing paint was always one brand. Wood care, we also had, like, maybe four brands, and now we're down to two. Wall paint is the most significant reductions. We used to probably have more than a dozen wall paint brands, and we're now down to four. I think the ability for us to really focus on selected brands rather than having too many portfolios of brands has allowed the consumers to really understand that if weaker consumer power is happening, well, if I want to downgrade, if I want to buy cheaper products, well, it's still the same brand. I used to buy Avitex Gold, and now I just buy Avitex. You know, I used to buy Aries Gold, now I just buy Aries. You know, it's not. You don't need to do any kind of leap to figure out that, okay, this is a more economical product. And I think we benefit greatly from that. I think that's the one comment that I can make with regards to how things are different between now and that of 2021. Thank you. Thank you, Pak. We go to the next question coming from Joseph Eugene. Hi, management. Thank you for the presentation. I have few questions. Number one, how much is TiO2 or titanium dioxide as percentage of Avia total in COGS? What's the outlook on margin as rising cost persists and weakening rupiah? Number two, does management still maintain volume growth guidance for full year 2026 despite of rising ASP? Will management plan to do another adjustment on ASP going forward this year? Number three, how does the cost outlook this year differ compared to 2022? I'll answer the first question. Thank you, Joseph. For the TiO2 itself, it contributes about low single-digit of Avia total COGS. Due to geopolitical situations, naphtha, which is the primary feedstock used in the petrochemicals industry, has been pressured with the price increase more than 80% from month February. The impact raw materials increases specifically on solvents, monomers, and specifically plastic packaging. The impact hit our resin as our main raw materials. Our COGS breakdown, we have a lot of raw materials that we need to produce as one can of paints. Yeah, it results that for resin itself, it contributes only high single-digit. From resin, packagings, there are also additives, also colorants and filler. In regards of the price of raw materials increases, so far we looked at only resins and packagings and also solvents, which are the highest increase of raw materials at the moment. Whereas the TiO2 price increase is been relatively, there is a increase, but not that significantly. Within our company, we will continue to closely monitor raw material prices and act accordingly with price adjustments if there is a raw materials movement if needed. Just to add on this comment from Robert with regards to solvents, for instance. In April price hike, many of our solvent-based products, the prices were increased by more than 10%. We use the number between 7%-10% because that's basically where the range are. Some solvent-based products actually went up by 15%, some went up by 20%. Thinners, which is directly related to solvents or as well as oil, went up by 30% in April. For this month of May, will go up by another 30% for solvents. Solvents, out of all the different raw materials that we use to make paint, is one raw material which has been hit most severely. Maybe I just add a little bit. We would highlight that this is an industry-wide dynamic. In that context, we believe that we are relatively in better position. Our inventory buffer give us time to respond, while our distributed supply chain and DC network allow us to manage availability risk more effectively than many of our peers. Also our in-house production of certain raw material give us extra buffer and better cost control. Thank you. The second question, let me answer. Does management still maintain volume growth guidance despite rising ASP? Will management do another adjustment on ASP going forward this year? To be honest, we're not adjusting our guidance because I think the whole situation that we're experiencing now is still very volatile. We think about it, right? When the raw material prices go up, we have to adjust our ASP. At the same time, consumer buying power is very weak. You know, we're basically in a position where we really need to navigate very carefully. We don't know how or how severe, how much more severe this will get. I think what we do have within the company is the big data and our ability to really monitor everything to the ground much faster than any of our competitors. Many of our competitors, in fact, up till today are still not using tablets. We're very advanced when it comes to our data management, and we basically learn and study from our data almost on a daily basis to see how things are moving. Gross margin analysis is also being done now maybe a few times a week because we need to look at their impacts, the impacts of raw materials on our COGS. At this point in time, we continue to monitor the situation. We will make corrective ASP hike when we think that the timing is appropriate. I haven't commented yet on the May price hike. Jotun decided to raise their price earlier I mentioned, even though they did not participate in April. Nippon has also participated in the May price hike. I think, you know, more and more companies will also participate because like Hadi said, you know, we're all hit by the same problems when it comes to raw materials, disruptions. All right. Thank you. Next question coming from Robin again. Thank you, Team. Can we quantify how much the front pull in March will normalize into second quarter? How was April volume fare as an indication? Yeah, I think we touched on this earlier, Robin. The April results after the prices went up is still very strong. Keep in mind that this April, this year, we have eight more working days as compared to April last year when Lebaran actually took place. As of yesterday evening, Robin, I anticipated that you are most likely going to ask this question. Our sales, just for the month of April alone was up by 60% for the architectural solutions as well as the trading goods, and volume for the architectural solutions was up by more than 50%. I think demand is still very strong in the month of April. We'll find out how things are gonna be in the month of May because, you know, the price hike will happen on the 11th of May, to be exact. Thank you. Thank you, Pak. Next question coming from Raka Pratama. Hi, Avia. Congrats on the quarter one performance. Could you share how current market conditions are impacting your operations and customer demand? Are there any notable trends you are observing? Yeah. The one thing I mentioned earlier, is that we are noticing that some customers are downtrading. We are much better positioned because now we are only using very few brands, and, you know. That, that's why when consumers decide to downtrade to buy something which is cheaper, so if they don't have enough money, they can just stick with the same brand, right? From Avitex Gold to Avitex, for instance. From Aries Gold to Aries, for instance. You know, they understand perfectly from the pricing point of view, and they know it's the same product from the same company, essentially. We think that the downtrading will continue as the buying power of consumers continue to be weak this year, especially with all the price hikes that is continuing to happen in Indonesia. I think that's what we are seeing, Raka. Thank you. Thank you, Pak. Next question coming from Rory Dixon. Is there any update on AkzoNobel's possible sale? I want to share a quick story. My son out of the blue asked me a few weeks ago, "Dad, what's your dream car?" I told my son, "I don't have a dream car. I just want to buy Dulux." That's basically what I said. With regards to the update of the possible AkzoNobel, we're basically are always keeping, you know, our fingers on it. What we've heard so far from multiple banks that have been meeting with us is that the process has been delayed. It originally was meant to actually be launched in April, then to May, to June. Now it's between July or August. Apparently, there are some complications within some of the countries that they're trying to sell, and one of the issue that we heard was that the factory for the deco is actually in the same exact location as the factory for the protective marine and industrial. Obviously this is an issue that they need to fix before they can officially launch the process. We're definitely keeping our eyes on it, Rory. Thank you. Thanks, Pak. Next question coming from Kevin Halim. Hi, Avia management. Are you concerned on the April and May price hike totaling to more than 10% will impact the paint demand due to affordability issues? Also, are you concerned that consumer will downtrade to other brands which did not raise prices? Kevin, All of these were actually a concern before we saw our April results. As soon as we saw our April results, even though prices have gone up between 7%-10%, you know, the fact that demand was still very strong, I mean, you know, it went up by more than 60%, basically means that our consumers has put a lot of trust in our products and in Avian Brands. This is important. When it comes to downtrading due to affordability issue, as we mentioned before, I think, you know, we can show you. We can remind you of our complete product portfolio, which ranges from the most premium all the way to the most economical. When there is a need for downtrading, well, again, we are best positioned as compared to many of our competitors. If you ask about are we concerned that they will move to other brands which did not raise prices, look, too many of our smaller competitors are going to be facing the exact same issues that we have been facing. For them, if they do not raise prices, I think they will end up in a much worse position than they are originally because if they sell more and more paints, you know, they will reach a point where they will lose money because a price hike of 7%-10% is no joke. You know, if the smaller competitors are making, let's say, half of our net profit, or let's say 10%, and now they decided not to participate in April price hike, and then they also decided not to participate in the May price hike, I can assure you that they'll be losing money for sure. When that happens, you know, any benefit that they get from not raising their price will be very short-term because after that, they will be out of business. Thank you, Kevin. Next question coming from Axel Bramantyo. The mortar industry is currently growing very rapidly. Will companies start to focus on this segment either organically or non-organically? Good question, Axel. Thank you very much. If I can direct your attention to the bottom one, which it says Instant Cement. This is basically mortar. You can see on this category that if you compare our previous presentation, let's say three years back, you can see that we actually have more products here than we used to. We agree with you that the mortar industry has been growing quite significantly in Indonesia because we also experienced very strong demand in the past few years. We started off only having one mortar factory, and then we grew to two, and then we actually opened our third one just last year, mid of last year, and now we're going to also start with our fourth mortar operations. When we do a market study of other neighboring countries, whether that's China, Thailand, Malaysia, or even India, we saw that all top paint companies there actually sell mortar or Instant Cement. It is part and parcel of the paint industry. There's no escaping it. The bad thing, obviously, as you can imagine, the margins within mortar is actually not as great as that compared to paints, but we have no choice. This is a segment that will continue to grow, and we definitely do not want to miss out on the opportunity. At this point in time, we have no plan whatsoever to actually do a non-organic on this segment. We will continue with our brands that we have, which is Avian, and we'll set up more and more factories across the country because mortar is like water. The price per kg is very cheap, so cost of transport is going to be very expensive, and therefore we need to have multiple factories across the country so that we can maintain our profitability margin for this segment. Thank you, Axel. Next question coming from Melvin. Hi, management. Congratulations on the solid quarter one results despite the challenging environment. Melvin here from Stockbit. On margins, given the rising raw material costs and the pricing adjustment management has been implementing, does the company have a specific margin target such as EBITDA, gross margin, or operating margin for full year 2026? Hadi, you want to take that? Thank you. Thank you, Melvin, for your question. I think it's quite difficult to answer, but looking at our margin up to first quarter, we did not see margin pressure supported by our inventory buffer and assisting raw material contract here, which allow us to manage cost volatility effectively during the quarter. Moving to the second quarter, while market price for key raw material price, particularly oil derivative such as resin and monomer, have increased significantly, currently in the range of 40%-60%. The effective increase reflected in our P&L up to June, is around 18%-20% due to the lag effect from contract and inventory. Also on the pricing side, we implemented a selling price adjustment of around 7% to 10% starting in, 6th of April, and another, we done in, May. In the second quarter, the gap between cost and pricing should be remain manageable, and margin are expected to be relatively stable. But for the Q3 and Q4, we may see some degree of margin normalization as higher cost inventory flow through here. We are not standing still. We continue to adjust pricing selectively, optimizing sourcing, and also manage product mix, which should help us mitigate part of the pressure over time. One thing that I could add, in the first four months, including April, we have not added any spending whatsoever on our BTL. The fact that our BTL actually went up as shown on this table does not mean that we are increasing our spending. As Hadi mentioned earlier, it's more about reclassification, how we actually did spending last year, as opposed to how we're doing promotion this year. The total money that we spend as a company have really not gone up. In fact, we've been reducing it as a percentage of sales. This is again, is a disciplined approach by the company to make sure that we can deliver and try to maintain our margin. The focus from the company is clear. We are really focused in trying to get more market share while trying to maintain margin as much as possible. If we have to sacrifice 1 or 2 points of margins, that's something that we are willing to take, providing that we can continue to make significant market share gains, like, let's say, 2% or so that we've done last year, for instance. Thank you, Melvin. Thank you, Pak. Next question coming from Andy Kurniawan. Could you remind us about the oil-related raw materials contribution over your total raw materials? Any scarcity issue so far? Thank you. Yeah. Again, about the raw materials that are related to oils and naphtha. Basically, it's more on the solvents, resins, and also packagings, especially the plastic packaging. However, for the scarcity, we have no issue at the moment, so we believe that our inventory can last us for another two months. However, we have been contacting with our major suppliers, and we have been able to get enough supplies for our needs so far. We have no any issues at the moment. Thank you, Pak. I think we have answered all the questions. If you have any other questions, please let us know. Okay. Should we conclude the call, Pak? Okay. Okay. If you have any other questions and have not been answered, please do not hesitate to reach out to me. I will make sure to coordinate with the management, and we'll get back to you as soon as possible. Once again, we appreciate your participation in our quarter one 2026 earnings call today and hope to see you again in the next earnings call. Take care. Take care. Bye. [crosstalk] Thank you. Thank you, everyone.