What happened? Following an earlier pre-announcement on sales, Legrand has reported its full Q2 release Q2 Sales: Legrand preannounced its Q2/ H1 sales on July 17th. As a reminder, the Company already delivered 10.1% organic sales growth in Q2, vs Consensus of just 4.6%, a beat of 550bps! The Company also points to 5.5% scope effect for the first half, and FX headwind of -1.4%, both broadly in line with Consensus. Q2 Adjusted EBIT: EUR435mn, in line with our estimate. The Q3 margin was 21.3%. Q2 FCF: Legrand reported FCF of EUR 501.6mn (Q2''24: EUR 468.1mn). FY25e Guidance: Legrand updated guidance for FY25e alongside the Q2 preannouncement. Legrand now targets FY''25 sales growth (organic and acquisitions, ex FX) of +10-12% (compared to +6-10% previously). This includes expected organic growth of +5-7% and growth from acquisitions of approximately +5%. Conference Call: 10:00 CET. To access the webcast, please register here. BNPP Exane View: Legrand already pre-released H1 sales and moved its guidance. The margin is solid, as ever and FCF is reflective of seasonality and the rate of top line growth. After the strong move on pre-release, we''d not expect today''s incremental news to move the shares.