Q1 revenues were in line with expectations, up by 1.3% yoy and lfl while the EBITDA was up by 0.5% yoy and capex down by 5%. Note that the EBITDA margin is traditionally lower in the Q1 and the next few quarters will further benefit from the price increases introduced in early 2023. This Q1 confirms that, in 2022, the group entered a virtuous circle of vigorous FCF growth for the coming years. We maintain our Buy on the stock.