Q1 revenues were down by 3.4% yoy: a performance better than the 5.5% decline recorded in H2 17 but poorer than the 2.2% decline recorded in H1 17. But, note, revenues would have declined by only 1.3% yoy if we exclude the effect of regulation. Besides, excluding also the Wholesale sharp decline (-15%), the consumer (53% of KPN’s global revenue) and business (38% of KPN’s global revenue) activities would have indeed recorded flat revenues. The Q1 EBITDA was very good, up by 2.3% y
