Strong volume figure thanks to stockpiling and good service Ebro results were better than expected. Given the difficulty of not having pro-forma comparable data for Q1 21 (due to the disposal of Panzani), figures surprised positively, especially at the top line, with 24% and 19% growth respectively for Rice and Pasta. This is partly down to price increases, but mainly volume growth. The latter was helped by a good level of service (vs stock shortages at some competitors) and the effect of stockpiling in retail during March due to the fear of the war and the strikes in Spain. EBITDA impacted by raw materials, but 6% above consensus Ebro was able to cope with the difficult inflationary environment thanks to price increases (some of them already in Q3 21) and good inventory management. EBITDA margin fell 140 bp, although EBITDA grew 11%. These results cannot be extrapolated We think that these results cannot be extrapolated, due to one-off effects in volumes. Additionally, the drought season in Spain (and other regions) could jeopardise raw material prices in Q4. Finally, the company commented that in the current environment, negotiations for further price increases with the main food retailers are becoming more difficult. Neutral reiterated Q1 was better than expected. However, the current environment is very fluid and could change the growth profile quite rapidly. We think Ebro is a good safe haven in this environment and could also be favoured by a trade-down effect in coming months. However, at current stock prices, we see limited upside.