The National Telecommunication Authority (NHH) reported a 0.32% y/y increase in mobile subscribers to 9.406m, on a modest net adds of 86k. The report shows TMH, Mtelekom's mobile arm, maintaining the lead, with 45% market share, followed by Pannon with 33.59%, and Vodafone 21.41% of the market. The data shows Mtelekom's commitment in maintaining its dominant position, having earlier committed to maintaining a 10% pp market share lead over the second operator. Note that we forecast the Hungarian market penetration rate to hit 100% this year to some 10m subscribers, with TMH's market share contracting to 41%, which could prove too aggressive, and may potentially provide a source of upside. We reiterate our Buy recommendation on Mtelekom.