Q1 revenues were better than expected, up by 7.8% yoy, while the EBITDA was more in line, up by only 1% yoy as workforce costs increased by 3% as well as electricity costs by 38% yoy. In our view, the group remains undervalued. Note that the listing of the spin-off of the mobile towers is planned in H2. This entity could be valued at €4bn (vs a current EV of €7bn for TKA). We remain at strong Buy on the stock.