We publish a brief update on Franchi Umberto Marmi, updating our estimates with the latest results and trends indicated by the company in the last releases. The start to this year has been challenging for the company, also in light of the carry-over from 2022, which saw significant growth compared to an even stronger 2021 (+17% YoY in ’22; +28% YoY in ’21) . With revenues in 1Q24 at the decline was mainly driven by the “wait-and-see mode” in the Italian market, while America posted a significant contribution. In particular, revenues in EMEA, at Eu11.8m, dropped significantly (-28%) compared to the corresponding period in 2023, amounting to 60% of total revenues in the period. Italian market decreased 38% of total revenues.