Besqab's Q1 looks solid to us. While the absence of housing starts (as expected) drove lower-than-expected revenue, profitability was strong (21.6% gross margin vs. SEB at 17.8%). The share of profit from associates partly drove the overall EBIT beat (+19% vs. SEB). We believe that a positive reaction is warranted (a couple of percent). On a preliminary basis, we expect minor EBIT revisions (a couple of percent), but no material changes to our FY 2026-28 EBIT margin forecast.
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