We keep our revenue estimate unchanged, expecting an increase of 22% in 2023e, which is at the high end of the guidance range of 20-22.5%. Our estimates imply that revenue for 2H23 will rise at the same pace as 2Q23 at 17% YoY. Management expect the cost base to increase in 2H23 at the same pace as in 1H23 at 12.7%, higher than we had expected (guidance range: 10-14%). As a result, we cut our EBITDA estimates by 2% for 2023, 3% for 2024e, and 3% for 2025e. Retain Hold and raise TP to The 1H23 results appeared to be largely in line with the consensus expectations, but the slowdown in bookings appeared worse than we had expected, especially in Western Europe.