Good morning. My name is Emily, and I'll be your conference operator today. At this time, I would like to welcome everyone to Avantor's first quarter 2026 earnings results conference call. After the presentation, there will be a question and answer session, and you may ask a question by pressing star, followed by number one on your telephone keypad. I will now turn the call over to Chris Fidyk, Vice President of Investor Relations. Chris, you may begin the conference. Thank you, operator. Good morning, and thank you for joining us. Our speakers today are Emmanuel Ligner, President Chief Executive Officer, Brent Jones, Executive Vice President and Chief Financial Officer, and Steve Eck, Senior Vice President and Chief Accounting Officer. The press release and our presentation accompanying this call are available on our investor relations website at ir.avantorsciences.com. Following our prepared remarks, we will open the call for questions. A replay of the call will be made available on our website later today. During this call, we will make forward-looking statements within the meaning of the U.S. Federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results may differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of the date that they are made. We do not assume any obligation to update these forward-looking statements as a result of new information, future events or other developments. This call will include a discussion of non-GAAP measures. A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosures package on our investor relations website. With that, I will now turn the call over to Emmanuel. Good morning, and thank you for joining us today. Let me begin with a few financial highlights for the quarter. First quarter results exceeded our expectations due to improved execution in Bioscience & Medtech Products segments, and we have reaffirmed our full year guidance. VWR Distribution & Services generated $1.15 billion of revenue in the first quarter, down 5% organically versus the prior year. This performance was in line with our expectations, despite soft market conditions in Europe and adverse winter weather in the U.S. I'm pleased to report that in the quarter, the VWR e-commerce platform showed green shoots of improved performance in traffic conversion and revenue growth following multiple upgrades as part of our digital roadmap, as well as the successful relaunch of vwr.com. Importantly, Q1 results provide evidence that the VWR segment is stabilizing, with financial performance in line with our expectations. Turning to BMP. BMP revenue was $431 million in the first quarter, down 2% organically versus the previous year. This was ahead of our expectations due to better than expected execution from process chemicals and NuSil. Brent will discuss the detail in his remarks. TAVCOM had a heavy influence on a year-over-year growth metrics. I'm pleased to report that Revival efforts are already taking hold in BMP. In Q1, we saw modest improvement in BMP operational performance. We also saw strong commercial performance given the enhanced focus with which our team are working. BMP had a book to build of more than 1.1x in the quarter. Other elements of the P&L, including margins, were generally in line with expectations, and we generated $0.17 of adjusted EPS in the quarter ahead of our expectation. There are three key messages I want to convey about the first quarter. First, Revival is already having a positive impact on Avantor. Across the organization, we see a clear improvement in execution and increased accountability. Our team has a more intense focus on serving customers, and we are taking a data-driven approach to measure their performance. Second, improved execution has translated into improved and more stable operational performance, most notably within the VWR platform and BMP manufacturing. Improved execution is also reflected in the strength of our order book and demand funnel. Third, we believe that we are turning a corner financially. We believe that VWR's growth rate reach a bottom in Q1, and that BMP's growth rate will reach a bottom in Q2, which position Avantor for organic revenue growth in the second half of this year. We move the company forward in the first quarter, and I'm encouraged by the momentum and positive energy across the organization. In the interest of continued transparency, I want to share two example of action that we have taken as part of Revival. Please turn to slide number four. Revival begins and ends with people, and for Revival to be successful, we must have the right talent in place. One of the first things we have done is move with speed to recruit exceptional leaders and enhance our leadership structure. This slide summarizes the changes we have made to the senior leadership team, defined as my direct reports plus their direct reports. We have moved quickly to refresh approximately 25% of this leadership group, filling positions such as Chief Operating Officer, Chief Procurement Officer, Head of VWR Sourcing, and Head of VWR Pricing. Recently, we welcomed James Finn, our Chief Digital Officer, who joined us from Medline, and last week we announced that Ludovic Brellier will join us from Cytiva to lead BMP and serve as our Chief Transformation Officer. We expect to announce the addition of other high impact leaders soon. Many of those talent investments are self-funded with increased productivity. Year to date, our overall headcount is down approximately 2%. I had a very clear vision on how the leadership team should be constructed, and in short order, we have supplemented internal talent with external talent. We have a diverse set of leaders in place whose skills and experience will allow us to best execute the Revival agenda. Please turn to slide five. Enhancing operation is one of our foremost priorities, so I wanted to dig deeper into action on the way within this important Revival pillar, which is led by our COO, Mary Glenn. In the first quarter alone, we completed over eight weeks of Kaizen events across our operational network. I participated in several of those Kaizen event, as did other senior executives. In parallel, we established a CapEx council that meets monthly to plan, review, sanction, and monitor our capital commitments with one eye focused on near-term needs and the other eye focused on long-term strategic requirement. Our CapEx council has sanctioned 12 projects recently, one of which is depicted in this slide. This project focuses on a downstream production process at an important North American manufacturing facility, where the current workflow is a people-intensive process with scope for improvement. We reimagine the process during a Kaizen, and as a consequence, are moving forward with a project to install modular automation equipment in a previously unused space in the facility. The before and after images on this slide demonstrate how this automation project will radically simplify workflows. Furthermore, this investment will enhance quality, compliance, and throughput. It will reduce our cost per unit, and it will free up capacity for the team to focus on a higher value activities. We expect to earn highly attractive returns on the capital we deploy. This is just one example of the approach we are taking globally. In all our projects, including the $20 million of incremental investment we announced previously, we use tools such as Lean and Kaizen to rethink the way in which we work, and we are marrying that with rigorous data-driven analysis to measure the financial consequence of our investment. I will conclude my opening remarks with a few words about the news that Brent will depart Avantor next month. Brent, we are all deeply thankful for your leadership and contribution to Avantor, including the development of a deep and talented finance team. I wish you and your growing family nothing but the best in the future. Thank you, Ben. Thank you for the kind words, Emmanuel. It's been a privilege to serve as the CFO of this great company, and I'm grateful to have worked with such a wonderful group of people. The finance function will be in good hands with Steve Eck, who's an outstanding leader, and I remain completely confident in Revival and Avantor's future prospects. With that, please turn to slide number six, where I will review our Q1 financial results. In Q1, we generated $1.581 billion of revenue, which was down 4% on an organic basis and flat year-over-year on a reported basis. Adjusted EBITDA in the quarter was $219 million with a margin of 13.9%. Adjusted EPS in the quarter was $0.17 due to good execution in BMP, specifically process chemicals in NuSil, allowing us to outperform our expectations. Free cash flow in the period was $25 million. Excluding restructuring costs, free cash flow in the quarter was $39 million. Both figures were within expectations and reflect a meaningful and anticipated headwind associated with customer prebates. We repaid approximately $105 million of debt and ended the quarter with an adjusted net leverage ratio of 3.3 x adjusted EBITDA. Leverage increased by 0.1 point sequentially and year-over-year, primarily due to lower trailing twelve-month adjusted EBITDA. Please turn to slide seven. Revenue for the VWR Distribution and Services segment was $1.15 billion in the first quarter, down 5% organically versus the prior year. The primary driver of the organic revenue performance was a decline in volumes, with industry dynamics and European market weakness both contributing. We estimate that severe winter weather in the U.S. negatively impacted segment revenues by about 50 basis points. The bulk of the revenue declined sequentially versus Q4 2025 is due to seasonality. In the quarter, the VWR e-commerce platform showed green shoots of improved performance in traffic, conversion, and revenue growth rates in the U.S. and Europe. This followed multiple upgrades as part of our digital roadmap, as well as the successful relaunch of vwr.com. Enhancing our digital capabilities remains one of our top strategic priorities. Adjusted operating income for VWR was $105 million in the quarter, representing an adjusted operating margin of 9.2%. The year-over-year decline in margin is due primarily to volume and net price capture. Increased freight costs were also a headwind. The bulk of the margin declined sequentially versus Q4 2025 is due to seasonal declines in revenues with a number of other puts and takes. There are two key takeaways from the VWR quarter. First, we are pleased with the positive impact our upgrades had on e-commerce performance. Second, and perhaps more importantly, the VWR platform is stabilizing with Q1 performance in line with our expectations. We will address this stability again in our guidance commentary. I will now discuss our other segment, Bioscience & Medtech Products, or BMP. BMP revenue was $431 million in the first quarter, down 2% organically versus the prior year. This was ahead of our expectations due to better than expected execution from process chemicals and NuSil. In the quarter, process chemicals grew double digits organically due to improving operations and strong order performance. fluid handling and NuSil were down double digits in the quarter, due in part to difficult comps as we had anticipated, while research and specialty chemicals declined about 100 basis points organically. Pricing was positive in the quarter. Last quarter, we indicated NuSil and the serum and electronic materials businesses within research and specialty chemicals would be headwinds to growth in 2026. That this comp headwind is primarily due to normalization of idiosyncratic customer ordering patterns and shipments in 2025. In the first quarter, this dynamic in aggregate was a mid-single-digit headwind to the organic revenue growth of BMP. Adjusted operating income for BMP was $103 million in the quarter, representing an adjusted operating margin of 23.8%. The year-over-year decline in margin is due to inventory provisions, lower volumes and mix, among other things. Key headwinds in the sequential margin decline were volume and mix. There are two key takeaways from the BMP quarter. First, our efforts to enhance operations are bearing fruit as our operations showed increased stability in the quarter. More specifically, BMP back orders declined modestly in Q1, and we have better line of sight to improved operational performance. Second, we had strong order performance in the quarter with a book to bill of more than 1.1 for the whole of BMP. Order trends were healthy across all business units, and we saw particular strength in our process chemicals order book. I will now turn the call over to Steve Eck to discuss our guidance. Thank you, Brent. Please turn to slide eight. We reaffirmed our 2026 guidance this morning, I wanna make a few supplemental comments. In Q2, we expect to generate adjusted EPS of between $0.19 and $0.20 per share. Next, as everyone is aware, the Middle East conflict has created inflationary and supply chain pressures that are rippling around the world. At this stage, we are more concerned about the price of raw materials and services rather than their availability, our concerns could evolve if the conflict persists. As of today, we estimate that inflationary pressures stemming from the Middle East conflict represent an incremental headwind of approximately $10 million-$20 million to our 2026 operating income, our reaffirmed guidance incorporates this headwind. We have established a task force whose responsibility is to identify, monitor, and mitigate these inflationary headwinds. Next, on VWR. The financial performance we saw in Q1 was largely in line with our expectations. We believe that VWR is turning a corner and that VWR's growth rate reached a trough in the first quarter. We expect that VWR's growth will improve gradually over the course of 2026, with the segment showing positive organic growth in the second half. In BMP, the year-over-year comp headwinds from the idiosyncratic customer ordering patterns and shipments mentioned by Brent and NuSil, Serum, and electronic materials will increase sequentially from Q1 to Q2, and we face another tough comp in fluid handling as well as tougher comp in process chemicals. We expect BMP's year-over-year organic growth in Q2 will be worse than the Q1 experience by more than 500 basis points. There is no new news in these comp dynamics as our assumptions about their impact are unchanged versus 90 days ago. We believe that Q2 will mark the low point for BMP growth in 2026. Finally, we expect the adjusted operating margins of both segments to increase sequentially from Q1 to Q2 in line with seasonal patterns. I will conclude with a comment on capital allocation. Debt reduction remains the top capital allocation priority, and we remain committed to reducing our adjusted net leverage ratio sustainably below three times. With that, let me turn the call back to Emmanuel. Thank you, Steve. I will conclude our prepared remarks by reiterating the key takeaways from the quarter. Number one, Revival is already having a positive impact on the organization. Number two, improved execution has translated into improved operational performance. Number three, we believe that we are turning a corner financially, and now believe that the growth rate of VWR reached a bottom in Q1, and that the growth rate of BMP will reach a bottom in Q2. This, combined with our tangible Revival progress, give me confidence that Avantor will return to positive revenue growth in the second half of this year. Finally, I want to extend my gratitude to our Avantor associate across the globe for their dedication to serving our customers. Thank you for embracing Revival and the new ways in which we are working together. I am incredibly pleased with the progress we are making together as a team. With that, operator, we are happy to take questions. Thank you. We will now begin the question and answer session. As a reminder, if you would like to ask a question today, please do so now by pressing star followed by one on your telephone keypad. If you change your mind or you feel like your question has already been answered, you can press star followed by two to remove yourself from the queue. The first question today comes from Dan Leonard with RBC. Dan, please go ahead. Thank you very much, and good morning. My first question, can you talk a bit more about any countermeasures you're taking to offset incremental inflation? I'm thinking of transportation costs specifically, but it sounds like there are other watch areas as well. Um. The noise is pretty faint, can you? Yeah, I think, Dan, if I understand correctly, your question, you're talking about the measure we are taking, again, the inflation that we are seeing. Is that correct? Correct. Dan, first of all, thank you for the question. I think it's important to also review the fact that we have a new Chief Procurement Officer. Keith Bolger is joining us from Avantor Cytiva. I worked with him a lot in the past. He's a really good person. We've put in place a task force. The good thing about what we see in the Middle East is that the inflation will happen in two areas. The first in inbound and outbound freight. Of course, the team is really looking at our contract and seeing what we can do on that side. The other thing is a few critical materials, which will not be in short supply, but really where we will see inflation. We have a task force in place. We're already evaluating the impact. I think Steve in the opening remarks talked about the $10 million-$20 million headwind that we are seeing, that we are contemplating in the re-informing of our guide. I think it's really in action for us in terms of monitoring and in terms of things what we can pass through our customers. Okay, appreciate that. Then as a follow-up, Emmanuel, can you talk about the significance of that book-to-bill in the BMP segment? What is the lead time required to translate that greater than 1.1 book-to-bill to revenue growth? Yeah, no, it's a very good question, Dan. Look, I think, if we look at what we shared in Q4, our order intake in process chemicals was high single digit in Q4. With the operation and the Revival impact on operation, we were able to deliver a double-digit growth in Q1 in terms of revenue. The very positive things what we are very encouraged is that in Q1, our order intake was double-digit. There was a sequential acceleration, and it's down again to Revival on the commercial side. A lot of those products are between 30 to 60 days, 90 days lead times. This also depends on the customer that gave us some blanket order with a lot of visibility. We have asked the commercial team to work on this to make sure that, you know, through the S&OP process that we have put in place, we are helping as well the operation to have a good visibility of what is coming. We are super encouraged with what happened in both operation and commercial due to Revival. You know, 30, 60 days, 90 days, that's why we are positive and confident about the fact that we'll go back to growth in the second half of the year. Thank you very much. Thank you. The next question comes from Patrick Donnelly with Citigroup. Patrick, please go ahead. Hey, guys. Thank you for taking the questions. I was hoping for just a few more specifics on 2 Q. You know, helpful to hear the VWR and BMP pieces. Can you just talk about overall organic growth and then also the margins for each and how we should think about that margin cadence for 2 Q and going forward? Yeah, yeah, Patrick, it's Brent. I'll take this. Look, I think in, you know, per Emmanuel's and Steve's as well as my comments there, you know, you're see a bottoming in VWR in Q1. There are more shipping days in Q2 than Q1, so even keeping at the same pace that we did in Q1, even the recognizing that it's a seasonally lighter quarter, that easily gets us within the range of our guidance there. Even though on BMP, you'll see lower organic growth, that has to do more with the idiosyncratic comp notion we brought up. It's a nice sequential increase, but not substantial there. You put those together, you get better fixed cost absorption against that, and then you'll see modest increases in margin against that sequentially. You marry that to Revival working in other cost outs there, and that very comfortably gets you to the range of our guidance. Okay. That's helpful. Then maybe just on the BMP side, helpful comments there. Can you just talk about what you're hearing from customers? Obviously, some mixed data points out there. You know, are there certain segments you're seeing a little more strength? Then again, I guess the visibility into that recovery and confidence level of that recovery as we work our way through the second half and beyond, just with the market positioning there. Thank you. Patrick, I think there's not much change in terms of market dynamic. That's just what we shared, you know, in our last call 90 days ago. Biopharma market is healthy, in particular in bioproduction. We see that in our order book. This is also the particular process chemicals for Q1 in terms of revenue, but also in order as I just talked about. We also see a strong funnel for us. Again, you know, we have, we've pushed commercial teams to have a better visibility on the opportunity, so we are looking at a strong funnel. Around academic and government, nothing really change. The market is pretty stable. There's maybe a lower level of activity that what we would preferred. We continue to assume that, you know, customers are a bit reluctant to spend money in that part. NIH funding is stabilizing, catalyzing incremental demand that will represent upside potentially, again, if the customer decided to spend their budget. Bottom line is that the end market, we have exactly as we were expecting it. All right? I think there's no assumption that there's major change during the year. I just want to maybe add one comment. We shared in the past that despite the difficulty that we had, we never let down the customers, in particular in bioprocessing. I think we can really say that each time that I meet customers, there is a strong feedback about the service level and the engagement that we have. This is again reflected in our Q1 order book and the book to bill, which is 1.1x. Okay. Thank you. Brent, just to close the loop on 2Q, is there a specific organic number you can give? Thank you guys so much. You're probably talking about a decline of 500 basis points there for the quarter on top line. Thank you. Yep. Thank you. The next question comes from Vijay Kumar with Evercore ISI. Vijay, please go ahead. Hi, guys. Congrats on a, on a good execution here, and thank you for taking my question. Brent, wishing you the best as you transition here. Maybe Emmanuel, maybe I heard the term, confidence in the business bottoming out. It sounded very constructive. When, when you think about VWR bottoming out in Q1, you know, what gives you the confidence in that VWR's bottomed out? Brent, if VWR has bottomed out in Q1, why is 2Q organic -5 when you guys just did -4 in Q1? Do you want-? Here, Go We're talking about at the firm level there, Vijay. You're gonna see more decrementals in BMP taking the firm rate down to -5 there. You'll see a sequential improvement in VWR, and then going backwards by, you know, 500 basis points or more in BMP. Yeah, I was going to add that around VWR. I think we had a strong reset of VWR last year. We shared with you that we've lost market share. Q1 was really the tail of those market share lost. We have really stabilized the situation with VWR. We also look the order trend, okay? We look at the contract conversion, the new contract we win. We measure the engagement of our commercial team. Everything that we are doing on VWR, in particular around the e-commerce channel, has been executed phenomenally well. We're super happy with that. We're strengthening the team with talent. I think this is why we're expecting stabilization really of Q2 and then onwards positive growth. Understood. No, that's helpful. Maybe one follow-up, Emmanuel, for you. You know, if we're starting first half somewhere down mid-single rate, -4% to -5%, what improves in back half, right? Is it just comps getting easier in back half, or is the business turning? Is there a bridge, you know, from first half to second half, how we get to positive growth in back half? Sure. I think this is what we said in our opening comments, all right? Q1, bottom for VWR. Q2, bottom for BMP. Stabilization of VWR. Then we have the order book that we just talked about, which is really encouraging on the BMP side. I think basically the confidence about the impact that Revival has on the commercial intensity, on the operation excellence, and also on the fact that we are bringing all those talents, which some of them are already having an impact, and there's many more coming. I think this is a combination of all of this that give us confidence that second half will be back to growth. Of course, easy comp as well in terms of VWR in particular. VJ, coming off, you know, taking the comp piece aside, not a dramatic sequential increase that we have baked in the plan. Certainly Q1 to Q2, then we aren't getting more specific on the back half. Broadly beyond that, just to be super clear into Q2, you know, you'd say about -5% at an enterprise level, improvement in VWR coming up sequentially coming off a -5% in Q1, then going backwards about 500 basis points more in BMP. You can put that math together, it gives you a clean picture for that does not require a significant sequential ramp for the company in Q2. Understood. Thank you, guys. Thank you. Our next question comes from Catherine Schulte with Baird. Catherine, please go ahead. Hey, guys. Thanks for the questions. Maybe as you look across your manufacturing and logistics footprint, I guess, what portion of facilities would you say are in good shape today versus, you know, still needing some investment? I think you mentioned you've green lighted 12 projects. You know, what kind of investment do those projects entail, and what's the timeline to complete those? Thanks, Catherine. Look, I think I visited probably all of them. I think there's maybe a few factory where I have not been, like India, which I'm planning to go by the end of May, and maybe one or two in the U.S. I don't have yet the complete picture of all our sites. Look, we have excellent sites. I was recently in Poland, and Briare in France and Leuven in Belgium. I think generally speaking there's. Look, in terms of project, there's always project to happen in every site, all right? There's not one site that consume all our CapEx or not. Every site has their project. We encourage every leader to look at how to apply Lean and Kaizen on the site to make sure that we have productivity, okay? I think Mary is driving a huge improvement on that site where we are measuring the productivity by site, and therefore every site leaders are encouraged with the help of our internal Lean team to come back with project that are going to create productivity, and we just shared one of them. Those projects are very different. We did 12 in Q1. I think we will have more coming up into the rest of the year, and I think this is where we are encouraged is the team is responding very well in there. Okay. Great. Can you just walk through how the BMP idiosyncratic order pattern comp space throughout the year? I think you said they were a mid-single-digit headwind in 1Q, will be higher in 2Q. How does that look in the back half? Does BMP get back to positive growth at some point in the back half of the year? Yeah, I mean, the idiosyncratic gets a little better on the back half of the year. As you recall, the primary driver on the back half is gonna be headwind and electronic materials there. I would just continue to think about sequential improvement here, and that's really the theme we're driving. We're really trying to talk through here sequential stability, then modest growth against that. Yeah. I think we've shared in the past, Paul, that, you know, NuSil, serum, and electronics had actually different timing in the past. NuSil, serum, giving headwind first half, electronic materials giving headwind in second half. I think this is important for us to continue to work with the supply chain team, but also with our customers so that we come back to a normalization of the customer ordering pattern and therefore shipment across the year. Great. Thank you. Thank you. Our next question comes from Casey Woodring with JP Morgan. Casey, please go ahead. Great. Thank you for taking my questions. Maybe to start, can you walk through the price versus volume performance in the quarter? You said pricing was positive in BMP, so assuming that was down in VWR. Some more color on pricing in the quarter and updated pricing expectations for the year would be helpful. We'll also be curious to hear your updated thoughts around gross margins and where those could land on the year, just given some of your comments around freight costs and such. Casey, broadly in the quarter, let's talk about this on a gross margin side, you know, I think the right way to think about it is sequentially. You know, we talked to the last call about taking the 3.5% adjusted gross margin as a jumping off point to think about this year. On a total company basis, you really had the decrementals on volume offset by pricing actions that came from the beginning of the year. You have other puts and takes with freight and et cetera there. We saw somewhat better performance there. We like that. We believe that will continue to grind up during the year. On a full year-over-year basis, price cost spread was negative. Again, that's due to the VWR margin reset we saw beginning in the second half of last year. We like the setup for that. We like the execution, and then we believe you'll see a grinding up certainly into Q2. We're not being more specific about the back half of the year, but certainly our guide is predicated on that gross margin improvement. Understood. As a follow-up, can you just talk briefly about free cash flow performance in the quarter? You did $25 million here in Q1, but reaffirmed the $500 million, the $550 million guide. Just curious if the free cash in the first quarter was in line with your expectations. I guess, you know, the guide does imply a pretty big step up moving forward. Maybe just walk through how you plan, you know, on getting there, the puts and takes, and any sense for just phasing and how back-end loaded that range is. Thank you. Yeah, no, certainly, Casey. You know, we noted that it was consistent with our expectations. Our guide is before restructuring expenses, it was around $40 when you exclude restructuring expenses. We cited the significant pre-bate. If we had not had the significant pre-bate in the quarter, we would have looked a lot more like last year. We would expect a similar sort of ramp throughout the year. There weren't really any other significant moving pieces. If you look at the cash flow statement, there weren't working capital swings or otherwise that drove it differently. Really the story in the quarter on the relative was the pre-bate as well as on the absolute, on the year-over-year lower earnings. It's not unusual for Q1 to be lower on a seasonal basis, and then you'll see strong continued sequential improvement, which you've seen from us historically. Got it. Thank you very much. Yep. Got it. Understood. Thank you. Thank you. The next question comes from Brandon Couillard with Wells Fargo. Brandon, please go ahead. Hey, thanks. Good morning. Emmanuel, on the VWR business, you talked about some market softness in Europe. Did that region deteriorate sequentially, or is that just a year-over-year comment? The 50 basis points of weather impact in the U.S. in the quarter. I guess I would have thought you would have made up those orders at some point in the quarter. Did those get pushed out into 2Q? How do I think about the impact of that? Are they just lost revenue in general? Thanks. Just on the weather, I think what we were saying is, it did impact, but fortunately, the team worked very well and finished to deliver what we were expected. VWR in Q1 was really spot on in terms of our expectation. Again, another confidence about the team, you know, capable of being flexible and really making it works. That's the comment. On Europe, I think, there is some softness, in particular in the industry, you know, in Germany and in couple of area like this. Also, I think remember that in Europe, we are the number one. We are very proud of being the largest distributor there. You know, it's the places where the market is when you are the number one always impact you a bit more than anybody else. I think there is, look, it's an area where we didn't have a leader for a long time there. I think we've Christophe now, which is really taking care of that. We did some reorganization, and the team is reinvigorated right now. That's where it's, we have confidence in the second half in Europe as well. Gotcha. Maybe Steve or Brent, on the inflationary impact of $10 million-$20 million, nice to see you're able to absorb that in the guidance for the year. Two questions. Do your contracts generally allow for freight-related surcharges to be passed through? Number two, you know, to what extent have you kind of, I guess, stress tested those assumptions? Are there other known unknowns that, you know, that could push you above that range as you look out next few months that you're worried about? Thanks. Brandon, let me start just a quick comment on the contract, and then I let Brent and Steve answer for the rest. We tested that during COVID and post-COVID inflation. I don't know if you remember. We have a tool in place for surcharge. It's working well in some area, in geographical area. Other geographical area, it's a bit more difficult. We are looking at the success story that we had post-COVID when we had huge inflation, and we are just putting a team in place to make sure that we reproduce that in not only one geography, but across the entire territory. The answer is yes, maybe not every contract, but a huge majority of the [audio distortion] Citing a range of potential headwind we see in the year, you know, related to the Middle East conflict that, you know, we're carefully watching that situation and estimating the impact that it could have on our operating income. Like Emmanuel said, you know, we are monitoring weekly and looking for every opportunity to mitigate that impact on our results the best we can. Brandon, I'd just add, you coined a phrase, known unknowns there, I suspect. I don't know if we can ever know an unknown. Yeah We certainly thought very deeply about this. We think we identified that appropriately. Great. That's helpful. Thanks. Thank you. The next question comes from Matt Larew with William Blair. Matt, please go ahead. Hi, good morning. You know, I wanted to ask about the bioprocess portfolio. You referenced BMP as a category, I think, down slightly in Q2, and then improving in the back half. You know, many of the bioprocessing peers, I think at this point are closer to normalized growth in the high single digits. Emmanuel, just curious if you think on a long-term basis, as you've had a chance to really review the business, if this is a portfolio that you think can grow, kind of at that market rate, and maybe how long you think it will take to get back there? No, no doubt. The BMP negative growth in Q2 that we are anticipated and for that segment to be at the bottom in Q2 is mostly due to what we talk about the seasonality and the industry restrictive purchasing that we've seen, in particular into serum and NuSil last year. All right. It's really what is the core of that segment, which is process chemicals. We've seen double-digit in process chemicals in Q1 in revenue, but also in order, a positive book to build. We think that the market is, you know, 6%-7%, like our peers looked at it, we are really pushing the team to make sure that we are growing at market or even above market for the rest of the year. Again, the focus that we've done on Revival all around commercial intensity as well as operation give us confidence that we'll go back in second half of the year to grow some on both segments. You know, every day, we're getting more optimistic about the business. That's great. You know, Emmanuel, you joined last July, and so been there almost one year. You referenced the 25% of kind of top leaders changing, the number of folks that you've brought in from other companies. In response to Catherine's question, you've been out to most of the facilities. I guess, where would you assess in terms of the structural, you know, the kind of personnel changes that you'd like to make, the, you know, any kind of actions you wanted to implement and get going, where would you say you're at in terms of getting that started and really, you know, ready for the company to jump off versus, you know, additional structural changes that you think need to be made to reposition the company? That is a very good question. Let me first, because I like to be precise, I joined mid-August exactly, so it's not yet a year, all right? Give me a bit more time to celebrate my anniversary. Okay, fair enough. Fair enough. Fair enough. Super happy about, first of all, the reaction of the team internally, all right? We have some really good talent internally. There's absolutely no doubt. What we are trying to do is just combine this internal talent with additional external talent. Some of the roles that we've shared today and that are in that early slide are role that we've created, that we didn't have in the past, okay? I think where I am today, look, at I need a strong right-hand person and the CFO search is on its way, someone that can really be my partner to really continue to push and execute Revival. I would say, generally speaking, at my anniversary, so in two more months, I think we will be almost there. We will announce soon some additional executive member that we should be able in position in a couple of weeks to share with you around QRA and CIO, and I think we will be there. Let me just say one more thing. You know, talent is always something which is very dynamic as well, okay? What we're trying to do is to make sure that we do not lose the talent that we have as well, but this is always something very dynamic and I think, we are constantly, you know, making sure that we are motivating our talent. One of the things that we're doing in Revival all around simplification is also about changing the delegation of authority to make sure that we empower the right people to make the right decision at the right place, at the place of impact, as close as possible to the business. I think, again, this is something that the team is reacting very quickly and very nicely. I think the first quarter, we're pretty happy with our results and we are very optimistic about the rest of the year. Thank you. The next question comes from Michael Ryskin with Bank of America. Michael, please go ahead. Great. Thanks for taking the question. I've got a couple minor ones I'm gonna throw in. First, you alluded to prebates a number of times. Just wondering if you could expand on that, just sort of, the magnitude of it in the quarter. Was that unusual for 1Q? Just sort of, you know, the impact that had on numbers and just how to think about that going forward. Yeah, Michael, it's Brent. Prebates are associated with enterprise contracts with large customers. We started talking about that in Q2 or Q3 of last year. We had a meaningful impact from payments due to that in Q4 of last year. You know, we're not specifically quantifying it, but it had very significant impact on the cash flow. Let's also be clear, it was anticipated, it was expected in our guidance. It was expected in how our cadence was gonna go. Michael, I will also look at it in the sense that if you do not renew and do not win contract, you don't have prebates. We look at it as well as a positive. Okay. Okay. On the VWR business, you know, I hear your comments about 1Q. You expect that to be the organic low point and, you know, you talked about some improvements 2Q and beyond. You've got easier comps in the second half. Still, you did post a -5% organic print on a -3% comp. Could you just talk about share dynamics, share gains, share losses, maybe touching on the prebates and the enterprise customers there. Just, you know, confidence that that's really stabilized and is gonna be less and less of an issue going forward. We talked about last year, we had some share loss. I think I explained as well that you don't lose share at a one-off. All right? It's a headwind that goes months after months. It takes time for our competitor to convert the win that they had, which is more or less on paper at the very beginning. This is where we are. We are, first of all, on a seasonal low quarter. We are at the tail of those losses. We talked also about the fact that last year we renew contract. We renew contract with opportunity to grow license, to go hunt, this is what we are doing. We're happy about what's going on right now. We have that tangible point which is, you know, stabilization of our commercial activity. We win contract, we renew contract, we lost some contract. We lost some share within a contract. You know, the customer gave us a certain share of wallet. There's a huge dynamic here. What I can tell you is we are stabilizing, and that's the most important thing. It's a stabilization. As we are moving into the second half of the year, we have an easy comp. That is because we are stabilizing, because we are taking the action that we are taking, in particular in e-commerce, that we are confident about the fact that Q1 is the bottom. Okay. Okay. If I could squeeze in one small follow-up to Patrick's question. I think he pushed you on 2Q organic and margins. I wanna make sure I understand the margin cadence properly. You know, it sounds like you're pointing to some gradual improvement through the year, including on the gross margin line. I'm just looking at prior seasonality that seems to go against that. Is there anything unusual in gross margin that I'm missing for this year that would explain that? Thanks. I mean, yeah, Michael, I think we're coming off sort of the rebase for the company. We have significant Revival productivity initiatives. There's always the noise of mix within that. We're also not pointing to a heroic improvement on that. Just, you know, the kind of classic Revival productivity and other things along with, you know, along with just better top line to better absorption against it. All right. Thank you. Thank you. The next question comes from Dan Arias with Stifel. Dan, please go ahead. Hey, good morning, guys. Thank you. Brent, just curious, how much of the plasticware portfolio within VWR is yours versus OEM? I ask 'cause I'm just sort of thinking about oil sensitivity and resin input cost, trying to understand how much you have control when it comes to managing inflation just versus sort of being at the mercy of whatever the OEM provider decides to do on price, et c. Dan, Emmanuel here. We have a huge portfolio, and I don't have the data. I'm looking at Brent right now. I don't think we have the data in front of us, so I apologize. This is something that we can follow up. What I can just reassure is, we have also a new sourcing leaders in VWR, and Emily is really leading that. Emily and Keith are really working hand to hand in the task force to make sure that we are controlling and making sure that we are negotiating best deal we can and passing through the increase we may see. Okay, fair enough. Maybe just sort of looking ahead a little bit and thinking about 2027, which I know is a long ways away, you know, Does the operational improvement that you feel like you have confidence in right now, does that give you confidence that EBITDA margins will be up next year? Let me, let me answer in two part. First of all, let me echo comments from other already. You know, it is April 26th. It's a bit premature to talk about 2027. I just want to reiterate what I said in the past. You know, I take my comments very seriously and for me, it is just too early to put a detailed stake in the ground. However, saying that, I'd like to make a few more observation on the future. Look, today we are pleased with our Q1. We are looking into a second half of the year, which is going to be positive, and we are optimistic about that. Revival is having an impact, and I'm confident that Revival for the rest of the year will have a greater impact. We feel that we will exit 2026. By the end of the year, I think as well that we will have more capital deployment flexibility, a higher level of confidence across the organization and Revival is going to accelerate to have an impact on the entire organization, you know, around commercial team, around operational team, around the rest of the support functions. All what I see today over the last now nine months almost, give me confidence and I am optimistic that 2027 will be a growth year. Okay. Appreciate that. Thank you. Operator, we have time for one more question, please. Thank you. Our final question today comes from the line of Dan Brennan with TD Cowen. Dan, please go ahead. Great. Thanks for the questions. Maybe just on the distribution business, could you just zoom out and talk to what you're seeing in kind of the broader market? You know, there's a lot of uncertainty what's happening with pharma spending, certainly in the U.S. academic government trends. I'm just wondering, versus what you're delivering, kinda how's the broader market doing? Related to that, like, are you guys assuming positive price in the back half of the year? Don't say the price for the back half of the year. Look, we, Yeah. oh, I'm sorry. The, yeah, Dan, we have very modest price baked into our plan here. I think from- And then on the bottom- Yeah, sorry, from an overall market, I would say what I just said three months ago. I think we are where we are. Academic and government stable, maybe at a low level. Education is a question mark. Education segment is a question mark. There's a pocket in Europe as we discussed about that include industrial that are really struggle given the macroeconomic environment. There's geographic differences. Again, we are in so many different segments, including mining and pharma. Look, we are thinking that from us, and that's very important, we are stabilizing. The team is motivated. We are implementing the plan that we have, in particular in digital. You know, we're super happy to have our new Chief Digital Officer, James Finn, and that will really help us to think that the market is probably at a low single digit and we will be back to growth in second half. I think this is where we are today and of course, we will continue to monitor the macro environment on this. Maybe just a final one. I know you called out that material headwind in Q2 from the BMP, you know, across those different businesses. Is there any more? Sounds like it's idiosyncratic, very company specific, but you've got, you know, it's pretty big. Could you provide any more color on that, like the NuSil, Serum? Sounds like Brent, that the current materials is a headwind in the back half of the year. Sorry if I missed in prior calls you guys discussed those, but any additional color you can provide on those would be helpful. Thank you. Well, look, I, you know, Dan, I think we've talked about it broadly where it comes as a headwind, but in the first half of last year, due to some timing, both customer orders and our fulfillment, you saw very, very strong performance in NuSil. That also has very strong margin contribution. That becomes, that's a headwind right now. You also saw very strong performance in serum. In the back half of the year, we saw exceptional performance in the EM business, particularly in Q3. NuSil we talked about discreetly, but for the research and specialty chemicals piece of it, that EM and serum just provides a headwind in the front half and the back half that just makes the segment comps more difficult. That's why you see us calling out specifically how we're doing in process chemicals and other pieces there, so they're unburdened by those comp pieces. I continue to point you all to the sequential performance we have in these through the years, moving away from the pieces on the comps. All right. Great. Thank you. Thank you, Steve. Thank you, Brent. Thank you everybody on the call to joining us today. We moved the company forward in the first quarter, and I'm encouraged by the momentum and positive energy across the organization. Revival is having an impact. Avantor is turning a corner financially, which give me confident that we will return to positive growth in the second half of the year. I look forward to updating you again next quarter, and until then, be well, everyone. Thank you. Thank you everyone for joining us today. This concludes our call, and you may now disconnect your lines.