Q1 revenues were in line with the consensus, up by 3.7% yoy. EBITDA adjusted for 2021 one offs was up by 5.5% yoy. The group is becoming a “normal” telco with capex at 15% of sales: this means that, over the long term, its EBITDA margin will be closer to 30% than to 20% on the access activity. And ultimately EBITDA less capex could improve from 10% to 15% of sales. We maintain our opinion at Add.