Good afternoon. This is a Chorus Call conference operator. Welcome, and thank you for joining the Ariston Group first quarter 2026 result presentation. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ilaria Candotti, Head of IR. Please go ahead, madam.
Thank you. Good afternoon, everyone, and welcome to Ariston Group first quarter 2026 results conference call. I'm Ilaria Candotti, Head of Investor Relations. With me today are Maurizio Brusadelli, our Chief Executive Officer, and Riccardo Gini, our Chief Financial Officer. Today's presentation will last approximately 20-25 minutes, after which we will open the floor for questions. As a reminder for those joining us by phone, the slide deck is available on our investor relations website. I will now hand the call over to Maurizio.
Thank you, Ilaria, and good morning, afternoon, evening, everyone. Let me start with Slide 3 with a brief overview of the quarter. The first three months of 2026 marked a solid start to the year, in line with our expectation for the period and supporting the full-year growth trajectory, despite headwinds arising from the conflict in the Middle East.
Performance in the quarter was driven by the continued strength of renewables, with heat pumps once again confirming the structural trend towards electrification across Europe. Germany, in particular, continued to show positive signs in line with the growth trend observed over the recent months. Key highlights for the period are: net revenue at EUR 656 million, stable on organic basis, supported by a favorable product mix driven by heat pump growth in Europe.
The European gas boiler market remained weak, with the exception of Germany, where it started to show early signs of recovery. Water heating market also faced a soft start, particularly in North America. Our performance was affected in March by the Middle East conflict, which impacted sales in the area and also some cost.
Starting mid-March, our water heaters began to be sold through Lennox stores , showing a good start, and as we always said, significant sales are expected from 2027 onwards. Adjusted EBIT margin showed strong resilience and remained stable year-on-year, despite an increase on logistic cost in the month of March due, as said before, to the disruption of supply chain in the Middle East.
Free cash flow reflected a more normal seasonal trend if compared to the one observed in Q1 of 2025, and some temporary effects in net working capital, which we will cover in more details later. We confirm our full year 2026 guidance. Regarding the impact of the conflict in the Middle East, we believe that at the current level of intensity, they are well under control thanks to the measures that we already put in place to mitigate the effects on top and bottom line.
We see a positive start to quarter two and remain focused on execution to beat the market and accelerate growth over the course of the year. Moving to Slide 4, as always, during the quarter, we continued to make progress across our strategic priorities. In North America, as we said, the joint venture with Lennox reached an important milestone.
The sales of Lennox branded water heaters have started mid-March. A wide range of tank-type residential water heating products like electric gas and heat pump products are now available to Lennox dealers across the U.S. and Canada. This partnership combines Lennox trusted dealer network with Ariston's global leadership in water heating technology. U.S. is the largest global water heater market, about $10 billion, and represents a meaningful growth opportunity.
2026 will be focused on setting up organization, product training, and services, with an increasing contribution expected from 2027 onwards. Late January, we inaugurated the Wolf Campus in Mainburg, Germany, to further strengthen our relationship with key partners and enhance installer engagement. The campus serves as a state-of-the-art training and research hub dedicated to HVAC renewable solutions, system configuration, and digital application.
In addition, the Wolf Campus hosts an entire floor dedicated to research and technology transfer, serving a new partnership with Deggendorf Institute of Technology, focused on sustainable building solution and next-generation heating technologies.
Finally, on sustainability, the implementation of the Road to 100 strategy continues to deliver measurable results, with MSCI recently upgrading Ariston Group to an A rating in April, placing us among the top performers in our sector. With this last achievement, all four main ESG ratings have improved over the past year.
Moving to Slide 5, as always, let's review the German heating market, our first market representing around 20% of group revenues, this market continue to be central to the energy transition. As we have described multiple times in the past, the German market had a strong acceleration in 2023, followed by a correction in 2024, largely driven by destocking and regulatory uncertainty.
In Q1 this year, renewable market continued to grow with an increase of 35% year-on-year. A positive sign came also from the gas market, which showed a positive trend. Looking at incentives, since the beginning of 2025, approvals have gradually resumed, in Q1 2026, approved incentives for heat pumps averaged around 27,000 units per month, up approximately 28% year-on-year, confirming the recovery trend already visible in the second half of last year.
The incentive scheme has been confirmed to remain in place through 2029, continuing to support demand for heat pumps. At the same time, the reform of the Building Energy Act, which points to a more gradual and technology neutral transition pathway with the proposed removal of the mandatory 65% renewables energy requirement, is currently under review as part of the new GModG, also called the GMG or Building Modernization Act, of which a first draft has just been published. I will hand over to you, Riccardo, and Riccardo will help us and go through the financial performance of Q1 in detail. Thank you.
Thank you, Maurizio. Let's begin with Slide Number 7, where we present the year-on-year evolution of net revenues with the Russian entity reconsolidated since the end of March 2025, and as such represented as a perimeter variation. The first quarter, net revenues amounted to EUR 656 million.
Looking at the walk year-over-year, organic net revenues were substantially flat, reflecting weak market conditions. In particular, climate comfort benefited from continued growth in heat pumps while gas-related products remained under pressure. Water heating was broadly stable with solid performance in Europe, a slowdown in the Americas in line with market trends. In Asia- Pacific and Middle East impacted by the Gulf conflict in March, affecting overall organic growth. Services and parts once again delivered a solid performance.
Forex had a negative impact of around 1%, mainly due to the US dollar and selected Asia- Pacific currencies as the Indian rupee and Vietnamese dong. Compared to Q1 2025, the quarter also included a contribution from the reconsolidation of Russia and other minor acquisitions. Turning to revenues by region on Slide Number 8, you can see how our top line performance varied across various geographies.
Europe delivered a strong quarter with revenues up by 5.6% year-on-year, supported primarily by renewables, with Germany performing particularly well on the back of the recovery in heat pumps discussed earlier, followed by France, while gas related categories remained under pressure. Ariston once again delivered performance above the European heating market.
As already mentioned, the year-on-year revenue change includes the contribution from the Russian business and other minor acquisitions which were not part of the group perimeter in Q1 2025. In Asia- Pacific and Middle East, water heating delivered a positive organic growth. Vietnam and India recorded a strong volume growth, while Middle East performance was also very positive ahead of the March escalation.
Please note that in 2025, the exposure to the most affected markets, Emirates, Saudi Arabia and Israel, represented no more than a mid-single digit percentage of our group revenues. The performance in the region was also impacted by adverse FX movements, which reduced revenue growth by 4.3%. In the Americas, revenues declined, reflecting the slowdown of water heating in line with market dynamics.
For example, as of February year- to- date, the U.S. water heater market based on AHRI data was down about 9% year-over-year, mainly driven by declines in residential gas and also in residential electric. With AHRI, I'm referring to the North American Trade Association. By contrast, the heating business showed a positive performance, delivering organic growth. Regional performance was also negatively impacted by unfavorable foreign exchange effects, which reduced regional revenues by more than 3%.
Moving forward, to Slide Number 9, Adjusted EBIT amounted to EUR 34 million in the quarter, corresponding to a 5.2% margin at reported perimeter and 5.3% margin on a like-for-like basis. Margins were substantially stable year-on-year despite higher logistics costs related to the Middle East situation and ongoing investments in go-to-market, digital initiatives and R&D as we continue to execute and complete initiatives that began in 2025.
Reported EBITA was EUR 28.1 million, which is with adjustment, primarily related to the purchase price allocation amortization and also rightsizing actions consistent with what we discussed in the prior quarters. As a reminder, profitability remains highly seasonal for our business with around 2/3 of Adjusted EBITA historically generated in the second half of the year.
On Slide Number 10, free cash flow was negative at EUR 69 million in the first quarter. This reflects the usual seasonality of our cash generation. Q1 is historically the quarter with the highest cash absorption, mainly driven by working capital dynamics. It is also worth noting that Q1 2025 was not representative from this perspective, as net working capital absorption was around EUR 36 million, well below the historically higher absorption typically recorded in the first quarter.
As a point of reference, it was EUR 72 million in 2024 and about EUR 100 million in 2023. In addition, Q1 2026 reflects the timing effect from high capital expenditures incurred in Q4 2025 and paid early, in early 2026 with no underlying deterioration in performance.
Inventory levels remain well under control with net working capital at 15.6% of rolling net revenues, consistent with historical first quarter patterns and 0.5 points higher compared to the end of 2025 on a like- for- like basis. As a reminder, the group's cash generation is heavily weighted towards the second half of the year, with the fourth quarter representing the largest contribution in line with our historical patterns.
Moving forward to Slide Number 11, adjusted net debt increased up to EUR 631 million at the end of March, compared to EUR 542 million at year end 2025, mainly reflecting the seasonal free cash outflow in the first quarter which we have just discussed.
Leverage stood at around 2x , remaining fully under control and in line with our expectations and comfortably within our acceptable range. The group's financial structure remains solid, supported by a well-balanced debt maturity profile and a high proportion of fixed rate or hedged debt.
On Slide Number 12, you can see that our financial structure remains solid. Average day debt duration is around three years, with nearly 90% of maturities falling between 2027 and 2031. Approximately 60% of long-term debt is fixed rate or hedged. In addition, we benefit from around EUR 1.4 billion of committed unused credit lines ensuring ample financial flexibility. I'll now hand the call back to Maurizio to conclude with the outlook for the full year.
Thank you, Riccardo. Let's move to Slide 14 to discuss our guidance for 2026, which we confirm. The market reflects ongoing recovery in renewables, and we believe that the actions that we are implementing across the group will increasingly support growth performance over the course of the year. We observe a progressively improving trend with a positive start to Q2.
In addition, the European heating market is largely replacement driven and currently at historical low levels, which supports our confidence in a gradual normalization of demand over time. We remain focused on execution and on investing in strategic initiatives to support growth and our medium-term roadmap. On the top line, we expect organic revenue growth between +1 and +4 year-on-year, on a like-for-like basis and at a constant Forex.
On profitability, we expect an Adjusted EBIT margin between 7% and 8%, supported by ongoing cost efficiencies and operating leverage, while at the same time increasing investments in go-to-market capabilities, new products, digitalization and R&D as part of the initiative launch in 2025 and progressing through 2026.
As regards the Middle East, we have quickly adopted a series of measures to mitigate the impact of the conflict on top line and profitability, and we believe that at the current level of intensities, these effects are well under control while we continue to actively monitor the situation. On cash flow, we confirm CapEx between 5% and 5.5% of revenue aimed at supporting growth with cash generation concentrated in the fourth quarter, in line with the historical seasonality of our business.
Finally, on M&A, we confirm positive progress on the Riello acquisition following constructive interaction with the relevant authorities, with closing by the end of the first half of 2026 confirmed. At the same time, we continue to actively assess strategic M&A and bolt-on opportunities in a disciplined manner. To close, we remain committed to execute our guidance for 2026, balancing growth, investment and profitability.
Thank you, Maurizio. Before opening the Q&A, we remind that, since April this year, we have published the analyst consensus in the IR section of our website. As you can see, some analysts already include Riello in their estimates, while other analysts do not. On our website, you can find either the consensus from the analysts including Riello and the one with analyst estimates without Riello.
We aim to maintain transparent communication with the market, ensuring full visibility for everyone. Please note that our guidance refers to the group perimeter at the beginning of the year without Riello.
The closing of the acquisition, as already mentioned, is expected in the second quarter this year. We have now completed our presentation, and we are available to take your question. To make sure that everyone gets the chance to speak, we kindly ask you to limit your question to a maximum of two. Operator open the line. Thank you.
Thank you. This is the Chorus call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on their telephone. To remove yourself from the question queue, please press star two. Please pick up the receiver when asking questions. Anyone who has a question may press star one at this time. The first question is from Christian Hinderaker of Goldman Sachs.
Good afternoon, everyone, and thanks for the opportunity for the questions. I want to start on the mix dynamics if I can, particularly within thermal comfort. I guess when we think about your German business, I wonder how much more exposed that region is for you to heat pumps than the rest of Europe. Also in the Americas, how do we think about the split there in terms of hot water versus heating?
Hi, Christian. Thank you. I mean, I think in Germany we are similar to the market. That's what I would say. Obviously, we mentioned before the market, renewables are doing very well. We are doing better than the market. We are happy to see that also the gas boiler finally were positive as well in Q1.
I think the split is following the market. Sometimes it's 50-50, sometimes it's different based on the sellout. I think on the Americas, what we can say that we are again pretty balanced. I mean, in U.S., we are a little bit more water heating than heating. In North America, U.S. and Canada, we are, I would say, balanced between heating and water heating. In Mexico, as you know, we are only water heating.
Thank you, Maurizio. Maybe turning to the P&L. You talk about some of the cost inflation on logistics. I wonder if you can just touch on any cost inflation you're seeing elsewhere, perhaps in raw materials. When we think about the logistics pressures, are those confined to distribution within the Middle East, or is the impact being felt more broadly?
Maybe let's start with raw material. I mean, as you know, there is an inflation effect on steel, copper and aluminum, which are obviously going up for many different reasons. The steel is expected to increase also due to the CBAM that Europe decided to start, while in China, for example, the steel is down.
In general, overall, the raw material trends is on an increasing trend. We always say that we cover and we use to cover the material, we see this year manageable and in line with the guidance that we are giving to you. Obviously there are also inflation related to the crude oil, for example, that is impacting not only logistic but also shipping and also other materials.
On this one, I mean, we started the day with a crude oil level at EUR 110, now it's more on EUR 100, and we all hope that this will go down. There is a specific impact on logistic cost, which we already had in March due to the Gulf situation, because as you might imagine, many ships were displaced, and some could arrive, some didn't arrive.
That one, I think, has been managed and is the only one within the region. All of these costs that I mentioned are well under control for two kind of actions that we are doing. First of all, mitigating actions that we are taking at group level in terms of cost containment and decision as well on what to prioritize and not to prioritize.
Secondly, as we already said, the majority of this inflations are common to market, so we are pricing in the market, and we will continue to price as needed, balancing obviously the effect on demand, making sure that we protect our profitability.
Thank you, Maurizio.
The next question is from Daniela Caggiano of Morgan Stanley.
Hi. Thank you for taking my question. Firstly, is it possible just to give some more color on some of the moving parts to organic growth and the margin for Q1? If possible to understand the pricing of volume trends would be really useful. If you could talk about some numbers around traditional products and heat pumps, that'd be great.
My second question is just a follow-up just to the raw mats. Is it possible to help us understand some of the price cost spread expectations for the full year? It'd be useful to get some color on maybe some price increases you may have realized for Q1, and if you've announced any price increases since March. Thank you.
Thank you. I think on organic growth, maybe we don't split more than what we said between regions and divisions. I mean, obviously, I can give you a little bit of flavor. In terms of performance, Europe, 70% of our business is solid and strong, with growth organically above 2%.
Asia- Pacific and the Middle East, the organic was negative, low single-digit, also because we had the effect of the Gulf, as we said before, and also in some geographies, the market of water heating was a little bit weak, as we expected, but obviously a little bit weaker. In the Americas, the organic is negative, I would say close to double-digit, which is in line with the market evolution that we are seeing there.
In the Americas, you have to remember that Q1 last year was exceptionally high because between tariffs and incentives, there was a strong push of selling and sell out in Q1. That's why we are confident on the full year guidance. That's why I think we said last time that March was already doing better.
We see April doing better as well. That's why we are calling a positive start of quarter two. To the second part of your question, which is related to raw material and pricing, I would say that you will see sequentially improvement across the quarters.
Obviously, the benefit of pricing will have to come in the following quarters, partly because some of the costs were new news this in the recent months and weeks, but also because, as I said, when we gave our guidance and we manage our price increase, we were obviously covering some of these increases through hedging, and therefore, all the price increases will work for end of this year, and more importantly, to protect 2027.
Okay, that's great. Thank you.
The next question is from Vivek Midha with Citi.
Thank you very much, everyone. Good morning. Good afternoon, sorry. My first question is actually just taking a step back on Lennox. Could you maybe give us some sort of high-level views on what sort of contribution that could be? You said some significant contribution in 2027, but is there any further color you can give us on targets, on market share and so on, which you're hoping to achieve in 2027 or in the longer term? Thank you.
Thank you, Vivek. I know, all the time you are asking us, how big is big, you know, Lennox is a listed company as well, I would wait for them to give you the numbers. As we said, I mean, they started mid-March. I think it is a good start. We are only a couple of months in, I think the collaboration, the cooperation, I think also the market acceptance is good. Let's wait for them. As we said, this year is a building phase year, especially for them, since they are entering in a segment they don't know. So far so good. Ask Lennox and then we comment again.
Fair enough. My second question is a follow-up on your comments around this positive start to Q2, and the improvement you saw through March and April. I was wondering if you could give us as much color as you can as to, you know, what exactly you're seeing. Are you referring to order intake, or is it the organic revenue growth?
What is driving that? Is it largely driven by the European market, as in Germany and so on, seeing a step up in heat pump demand after the law? Is it other factors that are driving that? Any more color would be very helpful. Thank you.
I mean, I will try to give color without a lot of colors. As I said, Q1 in Europe was good, and I think we have to expect that Q2 will be good as well because the markets, I mean, you heard about the number in Germany and in the rest of Europe for renewables and also gas heating systems that are recovering a bit as well.
Secondly, I said that in North America, the market evolution that is so negative in Q1 is a kind of exception because last year was very strong. I think in the Middle East as well, I mean, the first month of the crisis is the worst because obviously everything was blocked. Then we saw already some positive recovery in April.
I think it's a continuation of market recovery. We said this at the beginning of the year that we would have expected a gradual acceleration of 2026, because the market, especially heating, would recover. This is what we are seeing, and we are confident that we will continue to see, and therefore we are reinforcing our guidance. March, gradually, January, February, March was an improvement. April is a confirmation of this improvement, and our expectation are obviously to see the sequential improvement in the next three quarters.
Very helpful. Thank you.
The next question is from Michele Baldelli with BNP Paribas.
Hi. Good afternoon to everybody. I have a couple of questions. The first one relates to the organic growth for heat pumps. Can you confirm that the numbers that also the association disclosed are the numbers that may apply also to you, these mid-teens growth for the heat pump volumes for you?
The second question relates to the Section 232 and the revision that happened early April. Just wanted to have your view on what shall we expect from this, given that you are importing also some water heaters from Mexico, and also on your partnership with Lennox, what is the agreement about these kind of possible changes in tariffs in general also? Thank you.
Yeah. Maybe first of all, on heat pump, please remember that the association is always giving the number of, let's call, air to air, which we call air conditioning, to simplify your life. While when we speak, heat pump, we mainly think to heating heat pump hydronic. That number is the sum of the two.
If I would have to say to you, I mean, what we see in the heating heat pump market in Europe is around 10%, a little bit less, around that number in terms of growth. Don't let's say read the numbers carefully because the notion of heat pumps or, I mean, are different. Secondly, on your question on the tariffs, obviously, there is always something new.
I think we proved the last year that we managed very well the situation with pricing. Just to make sure that is clear to all of you, the famous new tariffs introduced this quarter in 2026 are not impacting water heaters. While they are impacting a little bit gas boiler that everyone is producing or exporting from Canada to U.S., and I think, I mean, we covered already with the price increase.
Thank you very much.
The next question is from Alessandro Tortora, Mediobanca.
Yes, hi. Good afternoon to everybody. Let's say I have two questions. The first one, if you can come back a little bit now on your sequential improvement expected. Considering, let's say, now the 0% organic growth you got, let's say, in Q1, basically what you are telling us is that you got, let's say, a positive organic growth in April.
As you mentioned before, considering the regional mix and also positive performance Europe, negative performance in both, Middle East, and North America, if we are assuming, let's say, still good contribution for Europe, it means that, you are assuming, let's say, in the coming quarters a less negative, let's say, contribution or even positive from the other two regions. Just understand, if this is, let's say, some kind of contribution by region that we should expect in the coming quarters. This is the first question. Thanks.
Yeah. I think, Alessandro, you're right, obviously. Q1, Europe was strong, the other two regions were not. The divisions were strong as well. I think, what we are seeing is obviously a contribution from the other regions coming, on a positive sign and not on a negative signs, and a continued evolution of the market recovery in Europe. North America will improve, Middle East and Africa and Asia will improve.
Okay. Okay, thanks. Can you comment a little bit? I know it's a small division for you, but considering then that you're going to integrate also Riello. Can you comment a little bit on the performance of burner, which was even clearly from a small base, but was, let's say, up to 30%? If there are some specific reason behind this not very strong performance of burners. Thanks. Or combustion technology. No, as you mentioned also.
Yeah.
Thanks.
I think obviously we never speak about the combustion technology business, but it's a business that is doing fine. I think we started to talk a little bit more since we started to speak about Riello. The market is big, it's more stable. We are a solid and strong player. What we see there is that the majority of the European market are growing, that obviously, you know, we did some minor acquisitions there, are doing well.
Also, there is the low NOx and Ultra-Low NOx solutions that are helping us to build the momentum for our commercial and industrial application. I think this technology will continue to be more and more important in the future. We are very well-placed. We are one of the first player to introduce this. I think it is, it is a very good sign with the as we said, combustion technology has also a good profitability. Positive on that one.
Okay. Thanks. Sorry, just to follow up on my initial question on when you mentioned and explained the contribution by area. Is it possible to have an idea of the underlying performance of APAC excluding, let's say, the disruption you had in Middle East? Clearly, we saw this - 8%, including FX, including also this Middle East disruption. Can you help us, let's say, to have some kind of a, I don't know, a clean number on the underlying trend there in that region? Thanks.
No, maybe we don't give you all the detail. If we exclude Middle East and Africa, as we said Sorry, Middle East, that as we said, is around mid-single digit of our revenue. The majority of the countries where we play, we are leader. I mean, they are having solid performance. In a couple of countries, in water heating, in Africa, there was a market slowdown that we expected to be recovered in the rest of the year.
Okay, okay. Sorry, Maurizio, maybe I made, let's say, the wrong question. Let me reverse a little bit. If you look at April, no, for instance, in a situation that at least consolidate a little bit, let's say consolidate, okay, Middle East or APAC, EMEA, do you see that region turning positive?
Yes. I think we can say that excluding the impact of Middle East, the region is performing well in April.
Okay. [Non-English content]
The next question is from Alessandro Cecchini of Equita.
Hello, everybody. Thank you for taking my questions. The first one, I make it one by one. The first one is about the European market that in the first quarter was a plus. You said about organic growth slightly above 2%. Making the math, probably Germany contributed by more than this, considering that the market was in volumes double-digit.
You stated that you are, I mean, at least growing as a market. Probably the rest of the market is flat or slightly negative. It's a right consideration looking at Europe. Basically, the entire growth of Europe is driven by more than the performance was driven by Germany? Is correct?
Maybe let me put in this way. Obviously, Germany, which is also our first market overall for the group, being positive is positive for us, and we outperform the market. You are right on your first statement. As we said, maybe during some of the interaction we had in the past, we still see France a little bit under construction because, you know, the government is not very clear in supporting and not supporting heating and renewables.
Actually they say they support, but maybe there is no the funding. We said as well that in Italy, the gas boiler were under pressure, and I think in Q1 we saw this under pressure as well. I think in the rest of the geography, which are obviously smaller for us, I mean, Switzerland did well, which is not small, but I mean, is one of the top five.
On all the others, the performance was, I would say flat to positive. I think the one where we need to see still a positive turnaround are France, Italy heating, which are the Q1. Obviously we have U.K. in Europe, but I mean, we are doing well, but we are very small, so not meaningful for you. I hope I gave you a lot of information which also competitors will enjoy, but, which I shouldn't say.
You know your competitors very well. Your competitor know your numbers. Anyway, I mean, you spoke about the confirmation of the guidance, the consensus in this moment that you collected, excluding Riello is in the midpoint of your guidance. Are you still considering this, I mean, reachable considering the step up in organic growth that you expect over the next quarters?
I mean, as we said, we are giving a range which is 1-4, and then we said that we'll eventually correct the range quarter- after- quarter as we did last year. Obviously, we see a positive start to Q2. Let's see also how the Middle East and the volatility, the microenvironment will change.
If we wouldn't be confident on the guidance, we would have said, but I think we are, and we are also giving you the message that Q2 started well. So far so good. Be patient and bear with us. We will continue to do our best to accelerate quarter- after- quarter in a profitable way to be as good as we can.
Okay. Thank you.
The next question is, follow-up from Michele Baldelli, BNP Paribas.
Yes. Hi, Maurizio. Sorry. Because you are so kind to give some general granularity, I wanted to ask on April, do you see a sort of, let's say, a better performance compared to Q1 of these, let's say, heating heat pumps? It's basically the war leading to this increasing interest b ecause basically the war in Q1 just impacted March, and probably the decisions from consumers would have taken some days or weeks. It could be interesting to see what you see in the recent weeks in April on this product category.
I think obviously when we comment first of all, we don't give details by technology. I think it's better to wait everyone, the market. When we said April, it was a positive message overall. I don't like maybe to give you more details.
Okay. Perfect. Thank you.
As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Davide Rimini, Intesa Sanpaolo.
Good afternoon, and thank you for the presentation and for taking my question. Actually, most of the questions that I had already been answered. I've just one, and whether you might add some color on what you might share on Riello performance during this year. Thank you.
I wish I could say, but as you know, we are competitor, and we don't have information on their performance. We try to understand from the Carrier comments how they are doing, but we don't have visibility, so we have to wait the official closure to make sure that we understand how they are doing. As we said, we expect to receive all the green lights within a couple of months or by the end of June.
Thank you.
Ms. Candotti, gentlemen, there are no more questions registered at this time.
If there are no more questions, thank you everyone for joining, and enjoy the rest of your day. Bye.
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