Q1 24 sales in line - trends seem to stabilise QoQ Q1 24 sales came in at EUR926m, down 7%, of which -5.3% organically. This came broadly in line with our forecasts as residential construction end markets continued to be challenging. There were, however, initial signs of demand recovery with volumes showing QoQ improvement. Price mix was a negative 2% due to high comparison basis and the reversal of energy pass-through mechanisms. Q1 24 adj. EBITDA tracking better thanks to JV contribution Q1 24 EBITDA under the new disclosure (i.e. including JVs contribution) was up 9.3% at EUR188m, topping our forecasts by 12% as a decline in core business EBITDA was more than offset by better-than-expected performance of The Quartz Corp JV. Contribution from associates more than doubled from EUR21m to EUR55m in Q1, mostly driven by the high purity quartz JV thanks to buoyant demand in solar, semiconductors and optic industries. Estimates and TP raised - Neutral maintained We have raised our EPS estimates by 7% in 2024 and 10% in 2025 to reflect better-than-expected JV contribution. We have raised our TP from EUR31 to EUR35 to factor in our earnings upgrades. However, with limited upside to our fair value post today''s share price rally and likely slow growth in the core business in the next 12m, we maintain our Neutral stance.