Buzzi’s FY22 results showed net sales up 16% despite a lower sales volume, thanks to price increases and the positive impact of FX. The high cost of inflation put downward pressure on EBITDA, resulting in an 80 bps margin decline. Energy prices are expected to stabilize in 2023, at a level higher than in 2022. As the company will focus on margin stability, we expect these high prices to continue.