The preliminary figures of UI (and IONOS) should allow their stocks to breathe a little. Although we remain worried about not seeing the group gain market share on mobile, the EBITDA margin (excluding the roll-out costs and excluding IONOS) should grow towards 25% in the coming years. Although EBITDA less capex should decrease from 7% of sales in 2022 to 4% in 2023, it could reach 15% of sales in a few years’ time. We maintain our Buy recommendation.