Q1 revenue growth was above our expectations while EBITDA grew by less than revenue due to strong growth of low margin handset sales and higher energy costs. Capex was however lower than expected and the group confirmed that it has entered a virtuous circle of EBITDA growth accompanied by falling Capex. We remain at Add on the stock despite the only limited upside as it offers a 5.75% dividend yield which is nearly worthy of the sector best-in-class.