A fairly solid set of Q1 numbers for DT in Europe (TMUS having already released its Q1 two weeks ago). We remain impressed, in particular, by Germany which posted 3% revenue growth and, above all, 4% EBITDAaL growth due to a lower headcount and the ongoing implementation of efficiency measures. We maintain our opinion at Add. The TMUS growth driver is however losing momentum and the stock is likely to struggle to break above its late April highs.