Sales were stable at constant exchange rates excluding Argentina in Q1 2024. They rose by 5.9% to 521.7 ME at constant exchange rates, impacted by the negative performance of the Flame for Life division linked to competitive imports from Asia into the US market.

Gross margin was 49.3%, down 0.5 points. Adjusted operating income stood at 63 million euros and adjusted operating margin at 12.0% (-100 basis points vs. Q1 2023). Adjusted net income (Group share) stood at €43.3 million. EPS Group share (in euros) came to E0.82 (vs. E1.17).

Sales growth in 2024 is expected to be between +5% and +7% at constant exchange rates, thanks to volume, price and mix effects. In 2024, we expect a slight improvement in adjusted operating margin, thanks to positive leverage on operating costs. Free cash flow generation should exceed €220 million in 2024.

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