While Q1 revenues were broadly in line with expectations, up by 3.2% yoy, the operating profit was disappointing at only €15.3m (vs €67.9m in 2021). This does not augur a good 2022 as Spanish advertising revenues already look to have contracted by at least 10% in April. We remain at Buy on the stock which has already lost 45% since the beginning of the year. We will however revise downward our 2022 forecasts.