(Reuters] – Deutsche Telekom (OTC) has reported a core profit of just over market estimates for the first quarter and increased its forecasts for 2022.

The adjusted earnings before interest tax, depreciation, and amortization after leases rose 6.8% to $9.9 billion ($10.3 trillion) compared with a consensus estimate at 9.55 billion euros based on a survey of analysts.

Net revenue for the telecom operator rose 6.2% to 28.3 billion euro in its first quarter.

Christian Illek (finance chief) stated that it was an “excellent start to the year” in a statement. “We continue to grow organically and have the ability to increase our guidance in 2022.”

According to the group, it expects adjusted EBITDA AL greater than 36.6 trillion euros by 2022 and free cash flow AL higher than 10 billion.

($1 = 0.9621 euros)