Q2 revenues were up by 1.6% yoy and lfl (with a good and promising 2.8% service revenue growth), like in Q1 and in line with our expectations. The EBITDAaL was flat yoy, a logically better performance than in Q1. The group can now be considered a long-term FCF growth story. KPN confirmed its dividend at 15 euro cents for 2023 and intends to increase its dividend by 3-5% per year for the following years. We maintain our opinion at Add.