The Milan-based company, which operates in both Russia and Ukraine, said in a statement "the first quarter of 2022 was characterised by a general recovery in relevant markets" and that results were in line with the guidance set for the year.

Earnings before interests, taxes, depreciation and amortization (EBITDA) in the months to March were up 8.7% 163.0 million euros ($171.77 million), lifted by a 9% increase in net revenue.

($1 = 0.9489 euros)

(Reporting by Agnese Stracquadanio)