Q1 revenue dropped 5.7% to €236 million, driven by a 14% housing decline offset by a 37% commercial rise.
Gross margin improved 150 bps to 21.2% and operating margin reached 8.1% despite a 3% rise in operating expenses.
Shares fell 1% after results; company kept 2026 guidance of flat revenue, ~8% operating margin and €2.20 dividend.
Net cash stood at €310.8 million, slightly down from €319.1 million year‑end 2025, excluding IFRS 16 and earn‑outs.