UBS maintains its Buy recommendation on the stock with a price target of 29 euros, following first-quarter results that the analyst described as being in line with expectations.

UBS considers Q1 2026 revenue to be consistent with forecasts and notes that the full-year 2026 guidance remains unchanged.

'Latin America performed particularly well, and commercial momentum improved sequentially following a weaker fourth quarter in 2025,' the research firm stated.

The group expects annual organic revenue growth to be slightly lower than in 2025, with adjusted EBITDA and adjusted EBIT margins showing slight improvement. Free cash flow is projected to grow at a 'mid-single digit' rate, while diluted current net income per share is expected to see 'high-single digit' growth.