No surprises in the Q1 23 release. Advertising revenue was weak (-2%) and had a negative impact on the EBITA margin (-1.8pt to 19% of revenue). TV advertising revenue which represents 87% of Group advertising revenue decreased by -2.4% – an honorable performance considering the high comparative last year (+7.5% in Q1 22). The TV audience shares increased which was not the case for Radio. The outlook is uncertain for the rest of the year.
