278.3



297.1



(6.4)%



+2.1%



(4.7)%



(3.)%








The Agri-Food & Commodities business achieved a 2.1% organic revenue growth in the first quarter of 2026, with contrasting dynamics across subsegments.

TheOil & Petrochemicalssegment (O&P, accounting for 32% of divisional revenue) experienced a modest organic decline, attributed primarily to disruptions in crude and product exports caused by the situation in the Middle East which reduced volumes. Part of these volumes was redirected through alternative routes, helping offset the impact in the Middle East and supporting solid growth and market share gains in all other regions.

Metals & Minerals(M&M, 39% of divisional revenue) continued to deliver
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