• NuWays raised target price to EUR 37 from EUR 34.5, reiterated BUY, citing stronger-than-expected Q1 preliminary results driven by Material Solutions pricing.
• Q1 preliminary revenue rose 9.7% to EUR 442 million; adjusted EBITA nearly doubled to EUR 42.5 million, lifting margin to 9.6%.
• Free cash flow fell EUR 50.5 million to EUR -74.1 million on higher working capital, seen as temporary amid efforts to maintain tungsten-product supply capacity at BETEK.
• FY26 guidance lifted to revenue EUR 1.85 billion-EUR 2.05 billion; adjusted EBITA margin seen at 8%-10%.

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