Q4 was bang in line with expectations. KPN has confirmed its outlook for 2022-23 and clarified its dividend intentions: a 5% yoy growth for 2022 and a 3-5% growth for the following years. The group can now clearly be seen as a slight growth story over the long term. The high investments are paying off and they should decrease from 2024. We believe the group deserves a best-in-class dividend yield and we maintain our opinion at Add.