United Internet has raised its EBITDA guidance for 2022 from €1.26bn to €1.27bn. This increase is partly due to slightly lower expenses for the 1&1 network roll-out. Capex is also expected to be only €700m vs €900m previously, stemming from a shift in investments to 2023 due to a supply shortage at one of 1&1’s roll-out partners. We maintain our opinion at Buy on the stock which does not deserve to have lost 25% over the last two months.