Press Release First quarter 2024 revenues Sales down 20% as reported Accelerating synergiesnow estimated (net of costs) at 40 million euros for 2024 and over 200 million euros from 2026 onwards GUIDANCE CONFIRMED Paris (France), April 24, 2024 - Vantiva (PARIS:VANTI) today announced its unaudited sales for the first quarter of 2024. "Connected Home" sales fell by 21.7% over the quarter, despite the integration of the Home Networks business in 2024 and the contribution of the diversification activities. This is due to a strong first quarter in Q1 2023, destocking in the sector and a slowdown in capex from operators."Supply Chain Solutions" sales were down 13.2%. Group sales totaled 458 million euros for the quarter, down 20% as reported (-19.1% at constant exchange rates). The contribution of Connected Home was 358 million euros, down 21.7% after the integration of the Home Networks business for 2024 (-20.8% at constant exchange rates). This amount includes 18 million euros of revenues from the diversification activities. The contribution from SCS was 100 million euros, down 13.2% (-12.4% at constant exchange rates). Vantiva accelerates the implementation of synergies linked to the integration of Home Networks and continues to optimize "Supply Chain Solutions". The group is now targeting 40 million euros in synergies (net of costs) by 2024, linked to the integration of Home Networks. Synergy potential much greater than initially expected and estimated at over 200 million euros from 2026 onwards compared to over 100 million euros initially expected. The 2024 guidance is confirmed. Luis Martinez-Amago, group Managing Director, comments: "As expected, the first quarter was very weak, due to the general slowdown in demand against a backdrop of persistently high inventories, and we had prepared ourselves accordingly. The basis for comparison is also unfavorable, since Q1 23 was a strong quarter, stemming from a cycle of high demand due to the precautions taken during the chip crisis, with an exceptional level of activity at some of our strategic customers. The scale of the slowdown is in line with our forecasts and justifies the strong adjustment measures we are currently deploying. We expect business to pick up gradually in the second quarter and second half of the year. The integration of Home Networks is proceeding according to plan and will generate the expected synergies more rapidly than anticipated, enabling the group to defend its profitability in this market context, and to be ready to benefit from the market recovery". I-      Q1 2024 sales In € million, continuing operations Q1 2024 Q1 2023 Current exchange rates Constant exchange rates Revenue 458 573 -20.0% -19.1% First quarter highlights The downturn in "Connected Home" sales is in line with ...