Q1 was very slightly better than expectations. Despite the high capex still planned for 2021-23, KPN should offer a regular slight growth of 3-5% per year in its dividend. KPN will accelerate its fibre rollout to more than c.500k homes passed per year, crossing the 55% mark in 2023 and reaching c.75% of Dutch households by 2025. We maintain our opinion at Add on the stock with a 12% upside.