The Q1 2023 results season for rated nonfinancial corporates is now 72% complete and we have updated our results roundup. Results have beaten market consensus expectations by a significantly greater degree than last quarter, with 38% of speculative-grade entities and 29% of investment grade exceeding consensus EBITDA by more than 7.5%. Even so, we are entering an EBITDA recession. Revenues have nudged lower and EBITDA is down 2.9% versus Q1 2022, the first decline for both since Q3 2020. Margins are falling but remain elevated. Leverage continues to decline but cash interest payments have started to surge. Cash balances continue to fall. Capex growth appears resilient.