Revenues were slightly disappointing (+1.7% yoy) while the EBITDA was, as expected, down by 14% due to the already announced bringing-forward and the associated increase in programming expenses. The key point to follow in the coming months is the impact on the advertising market of the Russia/Ukraine war. For the moment, the Group has maintained its outlook for 2022. However the stock has suffered a fairly sharp 26% sell off since the beginning of the war. We maintain our Buy.