Stable volumes in Q1 22 with cost inflation weighing on margins SABAF posted a set of results overall in line with estimates confirming FY22 outlook. In Q1 22 sales closed at EUR70.9m (+9% YoY) with stable YoY volumes (in line with BNPPE) and a slightly higher contribution from pricing. EBITDA of EUR13m (-14% YoY) was in line with our forecast, translating into a c.490bps margin deterioration in the quarter. We remind that the comparison base was challenging as Q1 21 benefitted from lower raw m ....