LSD EBITDA growth driven by cost efficiencies LU-VE showed slightly better margin and FCF (vs our numbers) in the context of soft volumes. In Q1, sales were down by c6%, largely driven by heat pumps (ex HP the business grew c5%). Heat exchangers were the main driver of the drop (-c19%), while cooling products and glass doors were both up (c10% and 19%, respectively). The trend was mixed across end-markets, with refrigeration and AC down (-5% and -29%), while industrial cooling and special appli ....