Legrand’s results were in line with consensus but better than our expectations. Organic sales growth was above the group’s guidance and margins came in at the higher-end of the range. All geographies saw strong growth with Europe being the strongest. The ongoing supply-chain issues and price inflation continued but Legrand was able to convincingly adapt its operations. The group also gave a better-than-expected FY22 outlook on revenue growth and proposed a dividend of €1.65, up 16.2% yoy.