Stock up by 5% following a good H1 release. Revenues were globally in line with expectations but EBITDAaL was better than expected (+6.5% yoy). The group has also raised its full-year free cash flow from €5.2bn to €5.3bn. Remember, the fact that it would be down by 10% over two years had worried the market six months ago and led to a continued decrease of the stock price (-25% in six months, however, also due to the pressure on rates).